NEW YORK (TheStreet) -- An Apple (AAPL) patent case in China saw a Beijing court rule against the company by upholding the validity of a patent held by a Chinese company, clearing the way for the Chinese company to continue its own case against Apple for infringing intellectual property rights, Reuters reports.
Apple had taken Shanghai-based Zhizhen Internet Technology and China's State Intellectual Property Office to court to seek a ruling that Zhizhen's patent rights to a speech recognition technology were invalid, Reuters said.
However, the Beijing First Intermediate Court decided in Zhizhen's favor, according to the People's Daily state newspaper.
After the verdict, Apple said it intended to take the case to the Beijing Higher People's Court, the paper said.
Shares of Apple are up 0.30% to $95.64 uin early morning trade.
TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. 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, expanding profit margins and good cash flow from operations. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."