Altera Spikes on Renewed Intel Interest, Alibaba Sinks on Lawsuits

NEW YORK (TheStreet) -- Altera (ALTR) spiked Monday after reports Intel (INTC) is interested in resuming buyout talks with its rival. Alibaba (BABA) sinks after Kering (PPRUY) files a lawsuit against the Chinese company for allegedly selling counterfeit goods on its e-commerce site. Apple (AAPL) gains after an appeals court upholds its iPhone patents ruling against Samsung.

Altera soared 5.7% to end the day at $46.93. Intel, meanwhile, climbed 1.3% to $33.41.

Altera jumped after a report in the New York Post said the companies had resumed buyout talks. Altera reportedly turned down Intel's initial offer of $54 a share back in April but now, according to the Post's sources, a deal appears more likely.

A report in Zacks said a deal could result in a transaction that exceeds $13 billion. Altera closed Monday with a market cap of $14.1 billion.


Alibaba sank 1.5% to end the session at $87.11, on a day when the broader markets advanced.

The Chinese e-commerce company took a hit after Kering, which owns luxury goods brands Gucci and Yves Saint Laurent, filed a lawsuit against the company, alleging it was selling counterfeit versions of its high-end merchandise.

Over the past two years, Alibaba has worked to eliminate counterfeit goods on its various Websites from Taobao and Tmall.


Apple gained 1.1% to close at $130.19.

The stock got a lift after activist shareholder Carl Icahn sent an open letter to Apple's CEO stating the iconic computer maker's share price was undervalued at $130 a share and should be in the range of $240, according to a Zacks report

Additionally, Apple benefited from a favorable ruling in a federal appeals court, in which the court upheld an earlier verdict in the Samsung (SSNLF) patent infringement case, according to a report in the Wall Street Journal. Although Apple prevailed on the key issue that Samsung infringed on several of the company's iPhone patents, it will have the lower court recalculate the damages portion of the case, the report noted. 

The trial court had initially granted a $930 million award. But Samsung wants it knocked down by $382 million because it claims it should not be held liable for trade dress issues, a topic that that the appeals agreed with Samsung on, according to the Journal.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.

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