Apple stock rises 3% after victory in Samsung patent suit
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Shares of Apple Inc. were poised to rise in early trading following the technology company’s victory against Samsung in a patent lawsuit.
A federal jury in San Jose awarded Apple $1 billion in damages Friday after finding Samsung’s smartphone designs too closely resembled the mobile devices of the Cupertino, Calif., company.
In pre-market trading, Apple stock gained $18.98, or 3%, to $682.20 a share shortly before the opening bell on Wall Street.
Samsung’s shares fell 7.5% on the Korean Stock Exchange.
The federal judge in the case is expected to rule in September on whether Samsung can continue selling phones at U.S. stores.
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