NEW YORK (TheStreet) -- ParkerVision (PRKR) stock is plummeting Monday after a court ruled in Qualcomm's (QCOM) favor to dismiss a $173 million patent case. The verdict had initially been won by ParkerVision.
"While we are pleased that the court upheld the jury's decision that the patents are valid, we are obviously disappointed with the District Court's ruling that judgment be entered for Qualcomm on non-infringement," said ParkerVision CEO Jeffrey Parker. "We will appeal this latest ruling on non-infringement."
By late morning, shares had tumbled 61.8% to $1.91. Trading volume of 5 million shares was more than seven times its three-month daily average.
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Separately, TheStreet Ratings team rates QUALCOMM INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate QUALCOMM INC (QCOM) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, solid stock price performance and growth in earnings per share. We feel these strengths outweigh the fact that the company shows weak operating cash flow."
Highlights from the analysis by TheStreet Ratings Team goes as follows: