NEW YORK ( TheStreet) -- Shares of Eastman Kodak (EK) jumped in Friday's extended session following a positive development in the company's patent dispute with Apple (AAPL - Get Report) and Research In Motion (RIMM).
The U.S. International Trade Commission called for a review of a judge's ruling in January that technology used in Apple's iPhone and Research In Motion's Blackberry devices doesn't violate patents held by Kodak related to digital image functionality.
Associated Press said the agency's six commissioners
would make a decision by May 23 whether to overturn the ruling or let it stand.
Kodak shares surged more than 21%, or 72 cents, to $4.12 on volume of 1.9 million, according to Nasdaq.com. That move followed a jump of nearly 9% in the regular session to $3.40 as more than 30 million shares changed hands, in excess of three times the issue's daily average churn of 10.3 million.Prior to the after-hours rally, the stock was down around 47% in the past year, hitting a 52-week low of $2.90 on March 15. Wall Street was bearish ahead of the news with five of the six analysts covering the shares at either hold (2), underperform (1), or sell (1). Kodak is expected to seek royalties of as much as $1 billion from Apple and Research In Motion if it wins the patent dispute. Shares of both Apple and Research In Motion were up marginally after Friday's closing bell.