The judgement could potentially pose problems for Apple. The ruling means that the iPhone 3G, iPhone 3GS and iPhone 4, as well as the iPad and iPad 2 with 3G that run on the AT&T (T) network will no longer be available in the US. According to a Piper Jaffray report, this may imply a loss of up to $680 million for the June and September quarters. Jefferies analyst Peter Misek says the overall impact could be as much as $1-$2 billion in revenue.
The company is going to appeal the charges moving forward.
Pandora (P) shares fell 1.11% to $14.23, as rumors of Apple's iRadio service continue to persist.
Apple is reportedly going to launch an iRadio service, that may bring added competition into online streaming space. Pandora CFO Mike Herring has downplayed the impact that may be on the horizon for Pandora, assuring investors that the company will continue to be a top competitor. "We're waiting, like the rest of you, to find out what they're going to do," he said in remarks at the Bank of America Merrill Lynch Global Technology Conference in San Francisco. "We'll compete against any real or imaginary competitor just the way we always have." Over the past few days, shares of the online radio streaming company has slipped over 15%. Despite the recent slippage, Pandora continues to be one of the top performing stocks this year, gaining 79% year-to-date.
Microsoft (MSFT) shares fell 0.87% to $34.69, as optimism continues to increase around Microsoft's new gaming console, Xbox One. Wells Fargo analyst Jason Maynard estimates the company's revenue growth at 6.7% by the end of 2013, while earnings per share are expected to hit $2.78 by the end of the current fiscal year. --Written by David Webster in New York >Contact by Email. Follow @thedavidwebster
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