ParkerVision Inc. (NASDAQ: PRKR) is having an incredibly strong day in the market today, and for good reason. In a press release issued early this morning, the company announced that it has received a favorable ruling in a case against Apple Inc. (NASDAQ: AAPL) and Qualcomm, Inc. (NASDAQ: QCOM). Of course, the news led to excitement among investors, sending the stock on a run for the top. Today, we’ll talk about the news, what we’re seeing from QCOM, and what we’ll be watching for with regard to the stock ahead.
PRKR Gains On Ruling Against AAPL And QCOM
As mentioned above, ParkerVision is having an overwhelmingly strong day in the market today after announcing that it has received a favorable ruling against Apple and Qualcomm. In a press release issued early this morning, the company announced that Judge Brian J. Davis of the Federal Court of the Middle District of Florida has denied Qualcomm’s motion to transfer to the Southern District of California and denied Apple’s motion to dismiss for improper venue pertaining to ParkerVision’s patent infringement suit against both of these companies.
This is incredible news for PRKR, as the case will be held in the Middle District of Florida where it will likely move more expeditiously and where the company plays an important role in the community. In a statement, Jeffrey Parker, CEO at PRKR, had the following to offer:
We are pleased that Judge Davis has agreed with ParkerVision that the Middle District of Florida is the proper venue for this case. We anticipate the case an now move expeditiously towards a Markman hearing, and we look forward to the court’s guidance on claim construction.
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that it’s important to keep a close eye on the news. After all, the news moves the market. In the case of ParkerVision, the news released today proved to be overwhelmingly positive. So, it’s no surprise to see that the stock is making a dramatic run for the top in the session. As is almost always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:52), PRKR is trading at $1.03 per share after a gain of $0.23 per share (28.74%) 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 PRKR. In particular, we’re interested in following the continued case against AAPL and QCOM, as this seems to be going in the company’s direction quickly. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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