Adidas AG (ADDDF) lost its suit alleging Skechers USA Inc. (SKX) copied its "Springblade" shoe concept in federal court, according to a decision made public Wednesday, Reuters reported.

U.S. District Judge Michael Simon in Portland, OR said Skechers didn't infringe on Adidas' patents by selling a less expensive and similarly designed "Mega Blade" sneaker because Skechers began selling their version one year before Adidas received a patent for the "Springblade" in May of 2016.

Simon also denied Adidas' request for an injunction to stop "Mega Blade" sales, citing Adidas' inability to prove it would suffer irreparable harm without one.

Adidas is also suing Skechers for allegedly copying the design for their popular Stan Smith sneakers. That trial is set to take place next April.

Shares of Adidas traded down 3.5% at midday. Skechers shares were down over 1%.

What's Hot on TheStreet

Beware Tesla fanboys: Tesla (TSLA) burning money, but shareholders are the likely ones to blister and feel the pain. The standard 90-day corporate equity lockup period for Tesla, following its $402.5 million stock sale of March 16, ends Thursday TheStreet reports. As a result, Tesla will be free to conduct another stock offering as soon as Thursday, which is a real possibility given the electric car company's debt situation, partly due to its Solar City investment, and need for additional cash. Any new issuance the company may seek would likely need to take place before July, which is when Tesla issues its quarterly report on car sales. Alternatively, an offering could come in late August after Tesla issues its quarterly financial report.

Shares could start to come under pressure.

Mining stocks get whipped: Global mining stocks found themselves in a hole Thursday TheStreet reports, after South Africa's government said that at least 30% of domestic mining assets should be black-owned even if previous black owners sell their stakes. South African-exposed mining companies fell sharply in the wake of the announcement. London-listed Anglo American plc (AAUKF) tumbled 4.4% to 1,013 pence ($23.87) a share, South32 Ltd fell 4% to 158 pence, BHP Billiton plc (BHP) was down 2% to 1,155 pence, Rio Tinto (RIO) fell 2% to 3,079 pence and Glencore plc (GLNCY) fell 2.6% to 279.2 pence. South African gold producers were hit even harder. Sibanye Gold Ltd. (SBGLF) plummeted 6.7% to 1,562 South African rand ($121.38) and AngloGold Ashanti Ltd. (AU) fell 4.8% to 14,015 rand.

Amazon eyes a new prize: Amazon (AMZN) may be preparing a deal to buy Slack Technologies in a deal that could value the messaging startup group at more than $9 billion, TheStreet points out. With Microsoft's (MSFT) deal for LinkedIn being well-received, this deal seems logical for an Amazon that is aggressively expanding into the cloud.

One has to wonder though: why isn't Apple (AAPL) considering Slack or for that matter, Twitter (TWTR) . Each service would provide valuable insight into human behavior from which to build new products and services.

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

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