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Apple hits record high as Samsung slumps on court verdict

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28/08/2012
Apple shares hit a new record of almost $681 a share in US trading overnight as investors continued to digest the fallout from a $1bn patent lawsuit.

Samsung was ordered to pay just over $1bn in damages to Apple in a US legal verdict on Friday after a jury found the South Korean electronics group had copied key features of Apple’s iPhone and iPad.

Samsung shares fell almost 8% in Monday’s trading in Asia, the largest daily fall in four years, as investors fretted that the company would have to redesign forthcoming launches.

The group said it would contest the verdict, and shares subsequently recovered 1.5% of their losses in this morning’s trading. Samsung remains 63% higher year-on-year, in part due to the strong performance of its mobile phone division.

Apple shares reached a new record high of $680.87 before closing up 1.9% at $675.68 in the US overnight, as analysts anticipated that a proposed ban on the sale of some Samsung mobile devices in the US would help boost Apple’s market share.

Shares in Google also declined in US trading, closing down 1.4%, as some worried over implications for its Android mobile platform. The group said “most” of the patents in question did not relate to its system.

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