NEW YORK (
) -- Shares of
jumped in Friday's extended session following a positive development in the company's patent dispute with
Research In Motion
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.
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
. 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.
tumbled in late trades after the China-based maker of metal jewelry said it expects its stock to be delisted by the Nasdaq Stock Market next week after receiving a final notice of non-compliance from the exchange.
The company has been out of compliance with the filing requirements for continued listing of its shares on the exchange for a while but it received an extension back in November to get its financial statements in order by March 28 but it doesn't expect to meet that deadline.
"Since the Company is not able to make all such filings by March 28, 2011 and no further extensions are available, the Company expects to receive a delisting determination from the Panel in the very near term indicating that the Company's common stock will be delisted from The NASDAQ Stock Market," Fuqui said in a press release. "The Company will provide additional disclosure upon receipt of such notice from NASDAQ."
Fuqi is working to restate prior results for parts of 2009 and has yet to file its Form 10-K for the past two fiscal years.
The company expects its shares will continue to trade over-the-counter through the Pink Sheets electronic exchange under the same symbol.
Fuqi shares closed Friday's regular session down 8.7% at $3.36, and dropped another 18% to $2.75 in extended action on volume of around 55,000.
Written by Michael Baron in New York.
>To contact the writer of this article, click here:
>To submit a news tip, send an email to:
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.