“The Apple vs. Samsung patent battle reaches the final round…”
Dow: 13,158 (+0.77%) S&P 500: 1,411 (+0.65%)
Aside from the fact that Anna Kournikova is a huge MarketSnacks fanatic over in Russia (thanks again for the vodka brownies, Mrs. K), we’re not huge tennis fans. But in anticipation of the US Open, it clearly looks like stocks enjoyed a little volley the last 2 days – after being served a nearly 100 point loss yesterday, investors shot right back today. The Dow popped 101 points on a Wall Street Journal report that Federal Reserve Chairman Ben Bernanke wrote a letter to a Congressman earlier this week that claimed the central bank is capable of doing more to boost the economy – Investors will “buy” on any kind of stimulus news from the Fed, sending stocks to their 1st gain of the week. Madison Square Garden (MSG) jumped nearly 3% today as earnings blew analysts away thanks to the winning combination Rangers strong playoff run (ticket sales = cha-ching) and a bit of Linsanity. A big European political meeting was on investors’ radars, but everyone was waiting on the verdict from the Apple vs. Samsung patent trial battle after the close.
Apple wins big in patent battle against Samsung
Widening your fingers on a touchscreen to zoom in: yeah, that belongs to Apple. A jury decided today in a major federal court case that Samsung infringed on 6 of Apple’s patents related to touchscreen technology. If you think you know what DROID does, you can bet that it probably won’t in the future. This major victory for Apple will prevent Samsung from imitating the iPhone in so many ways. Investors will be sure to slam the south Korean based Samsung when the markets openMonday morning.
German Chancellor and Greek Prime Minister meet over Greek bailout
An androgynous German disciplinarian (redundant?) and a “chill” Mediterranean politician walk into a bar…Greek Prime Minister Antonis Somaris and German Chancellor Angela Merkel met today in Berlin to discuss the possible extension of the Greek bailout. All week Greece has been asking for a couple more years to meet its debt reduction promises after receiving multiple aid packages to help the debt-struck nation meet its most important borrowing obligations. Greece wants more time to round up tax evaders to raise the government’s revenues, but Germany wants results soon and deadlines met. Despite Germany’s claimed desire to protect the euro, they’re making no concessions for Greece. No specific decisions came out of today’s anticipated meeting except both leaders agreeing they will wait until upcoming reports from the Troika, the group of major creditors who lend Greece the bailout funds.
Next Week:
- Consumer Confidence surveys, GDP readings, Personal Income numbers and more Housing Data, baby…
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