Apple Recap: Lost Appeal, Pricey iPhones, Near-Term Targets

For most part of the day, it looked like Apple (NASDAQ:AAPL) would continue the trend from yesterday and close above its starting price. It was not to be, as the stock fell in the closing portion of the day to end 0.31 percent down and end at $456.83. Here are the top stories for the company from the day:

No Go In San Jose

The $1.05 billion jury verdict against Samsung (SSNLF.PK) in its famous California patent lawsuit against Apple has been upheld, with the ruling judge denying both a request for retrial and the iPhone maker’s appeal for higher damages. U.S. District Court Judge Lucy Koh ruled on Tuesday that the Korean company did not willfully infringe on Apple’s patents, thus denying the latter’s attempt to raise the damage amount decided upon last August by a federal jury. The jury’s verdict had established that Samsung acted willfully. An establishment of that fact would have raised the damages a massive three times. Koh did not set a final amount for damages.

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The case first started in April 2011 after the iPhone maker filed suit in the San Jose federal court claiming infringement of four design patents and three utility patents by Samsung. The Korean company countersued with its own allegations. Apple later widened the dispute to a second lawsuit in the San Jose, California, court and one with the U.S. International Trade Commission… (Read more)

The iPhone Wants Your Money

A survey has found that iPhone users have the highest carrier bills among all smartphone platforms, with 59 percent spending more than $100 per month. About 53 percent of Google (NASDAQ:GOOG) Android users, 40 percent of Research In Motion (NASDAQ:RIMM) BlackBerry users, and 56 percent of Microsoft (NASDAQ:MSFT) Windows Phone users spend upward of that amount. The study, done by Consumer Intelligence Research Partners, also found that a total of 10 percent of polled iPhone users spend more than $200 per month with their carrier, compared to 7 percent of Android users. Just 6 percent iPhone users spend $50 or less and none spend less than $25… (Read more)

Setting A Target

Apple may have become less exciting as a company and more range bound as a stock, but the current valuation suggests that its diminished prospects are fully priced in, Weeden & Co analyst Michael Purves said. In short, the company’s share price, which has succumbed to gravity over the past few months, was on it way up. Purves suggested a 14 percent move up to $520 by April 20. “We think a move higher will be driven more by a reappraisal of the stock at the current valuation and the technical support/rebound than by an event per se and thus not a major volatility event,” Purves wrote in an analysis. The  stock was also clearly oversold, he said. (Read more)

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