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Nokia Corporation (NYSE:NOK): InterDigital (NASDAQ:IDCC) advances after a federal appeals court earlier today overturned a decision which held that the company’s patents were not infringed upon by Nokia (NYSE:NOK). The appeals court decided that a judge assigned by the International Trade Commission, or ITC, made the incorrect decision because certain terms in InterDigital’s patents were misunderstood. The patents cover methods to enable CDMA-based cell phones to use the same portion of the spectrum at the same time within the same geographic area. The ITC judge ruled that Nokia did not infringe upon InterDigital patents because the cell phone maker did not look to increase the bandwidth of signals, spread data, perform channelization, or to raise the power of signals, while InterDigital’s patents are limited to those functions. On the other hand, the appeals court decided that Nokia was transmitting code to CDMA handsets using methods patented by InterDigital. The InterDigital patents cover this function, according to the appeals court ruling. The case has been remanded back to the ITC for further proceedings. In late morning trading, InterDigital jumped $4.25, or 15.56%, to $31.54.
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Bank of America Corp (NYSE:BAC): In the first courtroom test of the Securities and Exchange Commission’s allegations that investors were misled by banks when they bought mortgage-linked securities during the financial crisis, a jury decided that a former Citigroup (NYSE:C) banker was not guilty, according to Financial Times. Citigroup agreed to pay $285 million to settle the charges, without admitting or denying wrongdoing, but a judge rejected the deal and is on appeal, the report added.
Ford Motor Company (NYSE:F) of Canada Ltd. posted its best July sales in over three decades as was named the top-selling automaker in the country for the month. The automaker stated that it sold 27,940 vehicles last month, which is 2.2 percent higher than the previous July’s 27,344, meaning it posted its best July since 1979.
Sprint Nextel Corporation’s (NYSE:S) Q2 loss widened amid customer losses and costs related to the shut down of its Nextel network, although continued indications of a turnaround were encouraging to investors. The Overland Park, Kan., wireless carrier is in the middle of a huge network overhaul which it hopes will bring in new contract customers and help it keep up with larger rivals who are also rolling out faster service.
Frontier Communications Corp (NASDAQ:FTR) announced an agreement today under which it will provide the Pac-12 Networks to FiOS TV customers in the Pacific Northwest beginning on August 15, when the new networks launch. FiOS TV from Frontier is to provide hundreds of live events along with other specialty content including 35 football games and over 130 men’s basketball games for fans of Washington and Oregon Pac-12 Conference teams.
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