Why Qualcomm Stock Surged Higher Today
Even by the standards of Monday's robust bull market, Qualcomm (NASDAQ: QCOM) stock did well. The big connectivity tech specialist's stock bounced nearly 4% higher, edging past the S&P 500's 2.6% gain on the day. A win at the very top of the U.S. legal pyramid was a major reason for the pop.
On Monday, the U.S. Supreme Court refused to hear Apple's (NASDAQ: AAPL) appeal of a lower court ruling on the company's patent infringement dispute with Qualcomm. As Apple has no higher court to turn to, the case is effectively dead in the water.
The legal fight between the two tech companies dates from a 2017 lawsuit filed by Qualcomm. The suit -- filed in a federal court in California, the home of both businesses -- alleged that Apple infringed a set of Qualcomm patents with its iPhones, iPads, and Apple Watches.
Source Fool.com
