Samsung Shares Sink $12 Billion Following Apple Patent Victory
Apple won a $1.05 billion victory over Samsung, and, in the first day of trading, shares at Samsung fell by more than $12 billion. Samsung immediately issued a notice following the court’s decision in which company officials claim the decision would do very little to affect its business or earnings.
Shares slid by up to eight percent on Monday to close at 1.173 million won ($1000) but closed up at 1.18 million ($1040) after 1.27 million Samsung shares changed hands, four times the company’s daily rate for trading. The company traded its largest number of shares since October 2008.
While many investors believe the company is still on solid footing, others feared that the company would suffer since 70 percent of Samsung earnings come from the smartphone and tablet markets.
In the meantime, Samsung is now battling a new filing from Apple. The tablet manufacturer claims its Samsung Galaxy Tab 10.1 cellular edition can still be sold because it was not named in the recent patent lawsuit. Apple disagrees and has filed a request to have the cellular version added to the court’s decision.
In yet another lawsuit, Apple claims Samsung copied its iOS techniques for finding information and suggesting replacement words using a highlighting technique on misspelled words.
Apple recently tried to ban the Samsung Galaxy S III from sale in the United States, a lawsuit that failed.
Shares at Apple are up to $11.31 thanks to the courts decision.
Do you think Samsung shares are now being undervalued because of the Apple patent lawsuit decision?