Shares in Apple Inc.(NASDAQ:AAPL) stock reached all-time high in intraday trades and closed higher on Monday, boosted by a favourable ruling by a federal court jury in the company's high-stakes patent dispute against Samsung.
In the first day of trading since the verdict Apple's shares improved, reaching and then surpassing its previous 52-week high of $674.88, rising 1.88 percent to close at 675.88.
In spite of its performance and peak price of $680.87, the stock was trading on below-average volume.
The stock price has risen 2.1% on a volume of 10.3 million shares. Over the last two months, shares have shown some positive movement as the price has climbed $108.02 or 19 percent from a price of $569.05 on June 28, 2012. The stock is trading 9.1 percent above its 50-day moving average and 15.2 percent above its 200-day moving average.
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Apple opened the day's trading at $676.91 and traded in a narrow range between $673.54 and 680.87 during the day with more than 900 million shares being traded. It hits its life high just thirty minutes into the trading session.
Apple’s market value has risen over $12 billion to reach $633.39 billion, a contrast to Samsung shares which lost roughly the same amount as its stock tumbled some 7.5 percent on Monday.
The stellar stock performance is a direct impact of the Friday ruling which vindicate its stance all along that other phone companies have been copying its designs. The iPhone maker is fighting patents battles with HTC Corp, LG and Motorola Mobility as well over patents-related issues and copyright violations.
Apple has now filed injunctions for a ban on sale of some Samsung devices in the United States while it is also seeking to triple the damages awarded to it to $3.15 billion.