Boom. If you’ve got Apple stock then its court victory against Samsung should have had you fist pumping at your desk. This morning, the Cupertino-based tech giant’s stock rose to a record high.
The stock opened at US$680 a share on what was the first day of trading since the ruling. That’s up around US$5 a share from the previous record, which it hit last week. As TechCrunch notes, it also gives it a new record market capitalisation of US$637-billion.
The trial jury declared victory for Apple in the trial in a case which focused on Apple’s claim that Samsung “slavishly” copied its mobile products (specifically the iPhone and iPad). They initially awarded Apple US$1.05-billion in damages. The judge in the trial sent them back however, over two discrepancies. This saw the jurors overturn two of their previous decisions, meaning that Apple could only lay claim to US$1.049-billion
Samsung’s stock meanwhile took a big hit in the wake of the verdict, falling seven percent during early morning trading in its home country of South Korea. The tech giant will in all likelihood appeal the ruling. It also felt that the US court’s decision contrasted strongly with those made in other cases involving the two companies around the globe.
For now though, Apple is centre stage and loving it. If the widely anticipated iPhone 5 and iPad Mini (set to launch in September and October respectively) hit the mark, then expect the company’s stock to surge even further.