NEW YORK (TheStreet) -- BlackBerry (BBRY) stock is gaining on Tuesday on the news a Florida jury had ruled that the tech company's hardware hadn't infringed upon three NXP Semiconductors (NXPI) patents. The jury also found that the patents NXP asserted against BlackBerry were invalid.
"We are pleased with the jury's verdict," said BlackBerry chief legal officer Steve Zipperstein in a statement.
"While this is a victory for BlackBerry, we look forward to a time when technology companies will no longer be forced to spend huge amounts of time and money defending frivolous patent cases such as these, and instead invest their resources to drive innovation. Until then, we will vigorously defend our intellectual property rights and contest all meritless claims," Zipperstein continued.
By midday, shares had climbed 3.4% to $8.13.
TheStreet Ratings team rates BLACKBERRY LTD as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate BLACKBERRY LTD (BBRY) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."