Quarterhill Inc (NASDAQ: QTRH) is flying early on in the market this morning, and for good reason. The comapny announced that a California jury has ruled in its favor with regard to a patent case against Apple Inc (NASDAQ: AAPL). Of course, the news excited investors, sending the stock screaming for the top. Today, we’ll talk about:
- The ruling;
- what we’re seeing from QTRH stock as a result; and
- what we’ll be watching for ahead.
QTRH Wins Patent Case Against AAPL
As mentioned above, Quarterhill is having an incredibly strong start to the trading session this morning as news breaks that the company has won a patent suit against Apple. In a press release issued early this morning, the company announced that in the case against Apple by WiLAN Inc., a QTRH subsidiary, the jury has ruled int he favor of WiLan.
The ruling was rendered on August 1, 2018 in the United States Distric Court for the Southern District of California. According to the release, the QTRH subsidiary, WiLAN was awarded $145.1 million in damages against Apple for infringing on two United States patents.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. In the case of QTRH, the news proved to be overwhelmingly positive. After all, with this judgement, the company will receive a massive injection of funds. So, it comes as no surprise that excited investors are sending the stock on a run for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:50), QTRH is trading at $1.54 per share after a gain of $0.46 per share or 42.59% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on QTRH. In particular, we’re interested in following the story surrounding the company’s use of the $145.1 million injection of funds it will be receiving as a result of the ruling. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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