Apple Inc. (NASDAQ:AAPL) stock has already gained around 15% since the beginning of 2015. All this growth was attributed to a very successful iPhone 6 launch and a record breaking quarterly reports in January with some mindboggling numbers, like 10 iPhones sold for every second in the fourth quarter of 2014. But something happened on Wednesday that has not happened to Apple Inc. (NASDAQ:AAPL) stock in a very long time. The stock plunged and dropped around 2.6% in a single day. FBN’s Nicole Petallides reported about this on Fox Business.
What happened in this week that interrupted the growth of Apple Inc. (NASDAQ:AAPL) stock and stopped it from rallying ahead. Apple Inc. (NASDAQ:AAPL) has handled many patent infringement trials and won many in the past. But a Texas based startup Smartflash LLC had won a patent infringement case against Apple Inc. (NASDAQ:AAPL) in Texas. Earlier this week, Federal Jury has ordered Apple Inc. (NASDAQ:AAPL) to pay around $540 million to Smartflash LLC for infringing on their patent.
This judgment came as a surprise to many investors, which might be the biggest cause behind the 2.6% drop on Wednesday. Petallides said that Apple Inc. (NASDAQ:AAPL) shares were down mainly because they had lost a patent infringement trial and had to pay $533 million to a startup. She added that the technology used in iTunes was supposedly infringing a patent by the startup.
Petallides added that Apple Inc. (NASDAQ:AAPL) has been growing heavily is hitting new highs every week. She added that Apple Inc. (NASDAQ:AAPL) stock went up by more than 75% in the last year. She pointed out that the 2.6% drop on Wednesday is the highest drop in more than a month.
“[…] They (Apple) have to pay out for patent infringement. This has to do with the iTunes patent. $533 million. This stock has run up and you know that it has run up to record new highs. Up 75% in the last year. But today back to back losses, down 2.6%, steepest decline in a month,” Petallides said.
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