shares were rocketing 22% Thursday after the U.S. Patent and Trademark office upheld the tech shop's patent on digital video recording, a disputed technology at the center of a $90 million lawsuit against
The ruling came a day after the TV recording company posted a
narrower-than-expected third-quarter loss and received an upgrade from JPMorgan, also giving a boost to shares.
"Today's decision by the PTO brings us another step closer to ending EchoStar's continued infringement and we are hopeful that the United States Court of Appeals for the Federal Circuit will uphold the district court judgment of patent infringement and reinstate the injunction," TiVo said in a press release.
EchoStar pointed out that the patent office's ruling doesn't affect a pending appeal of an earlier ruling.
"We are hopeful that the Federal Circuit will reverse the district court and find that we do not infringe TiVo's patent," EchoStar said in a press release.
TiVo shares recently were climbing $1.33 to $7.31. EchoStar shares were down a dime to $42.74.