Apple Dropping as Court Reverses Ban

NEW YORK ( TheStreet) -- Apple ( AAPL) shares were rapidly losing steam as an appeals court overturned a ban on Samsung's Galaxy Nexus smartphone from earlier this year.

In August, a California court found Samsung guilty of infringing upon six out of eight Apple patents, and awarded Apple a record sum of $1.05 billion in damages.

The U.S. Court of Appeals for the Federal Circuit, ruled the lower district court in in California "abused its discretion in entering an injunction," Reuters reported.

Some saw the Apple win as potentially changing the technology landscape forever, with patents becoming more powerful than good hardware, software and marketing techniques.

Apple shares were lower following the court ruling, losing 1.13% to trade at $633.69.

Interested in more on Apple? See TheStreet Ratings' report card for this stock.

-- Written by Chris Ciaccia in New York

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