(Updates from 12:48 a.m. ET with closing information.)
In a June 4 ruling, the International Trade Commission banned Apple from selling in the US the iPhone 4, iPhone 3GS, iPad 3G, and iPad 2 3G distributed by AT&T (T). The commission found that Apple had infringed upon Samsung's patent.
The administration defended the veto in a four-page letter by a US trade representative, Ambassador Michael Froman, noting the decision's potential "effect on competitive conditions in the US economy and the effect on US consumers." This veto represents the first presidential veto of an ITC product ban since the Reagan administration in 1987."We applaud the administration for standing up for innovation in this landmark case. Samsung was wrong to abuse the patent system in this way," an Apple spokeswoman said Saturday. Samsung said it was "disappointed" in the ruling.
Qualcomm (QCOM - Get Report) shares fell 1.29% to $65.89 after analysts downgraded the stock Monday morning. Piper Jaffray's Gus Richard lowered his rating on the semiconductor manufacturer's stock to "neutral" from "overweight" and its price target to $67 from $71, citing anticipated lower demand for high-end smartphones. He wrote that "recent checks with foundry contacts now indicate they are seeing cancellations for components used in high-end smartphones by component vendors" that "point to an accelerating mix shift to the low-end that we believe will impact QCOM's royalty stream."
Shares of BlackBerry (BBRY - Get Report) jumped 7.51% to $9.59 following rumors about its upcoming smartphone release. Press shots of the phone, known as the BlackBerry A10, were apparently leaked online over the weekend, with an official tutorial for the phone revealing that the phone's name had been changed to the BlackBerry Z30. The phone, tipped as the follow-up to the disappointing BlackBerry Z10, features a larger, 5-inch OLED screen and a new slider handset known as the BlackBerry Z15. In addition, the Canadian electronics company will launch BBM for Android and iOS sometime "this summer."
Closing prices: AAPL rose 1.5% to $469.45, QCOM fell nearly 1% to $66.25 and BBRY rose 7.4% to $9.58. -- Written by Laura Berman in New York
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts