NEW YORK (TheStreet) -- Cisco Systems (CSCO) stock is gaining 0.44% to $27.43 in pre-market trading on Tuesday after the U.S. Court of Appeals for the Federal Circuit ruled on Monday that the company did not infringe a patent holding company's WiFi technology.
The patent dispute was with Commil USA LLC, the holder of a patent for a method of implementing short-range wireless networks, Reuters reports.
This action reverses a near $64 million judgment against it.
"The patent never had anything to do with our products and the millions of dollars spent defending this unmeritorious suit are a travesty," Cisco General Counsel Mark Chandler stated, according to Reuters.
Based in San Jose, CA, Cisco Systems designs, manufactures, and sells Internet Protocol (IP) based networking products and services related to the communications and information technology industry worldwide.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate CISCO SYSTEMS INC as a Buy with a ratings score of A-. 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, impressive record of earnings per share growth, compelling growth in net income, notable return on equity and reasonable valuation levels. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results.