Here are your Apple rumors and AAPL news items for today:
It Boils Down to Today: The long running California patent lawsuit between Apple (NASDAQ:AAPL) and Samsung comes to a head today when both sides will have two hours to present closing arguments before Judge Lucy Koh and the jury, Forbes notes. Apple is seeking a minimum of $2.5 billion in damages from Samsung over alleged infringement of its design and software patents relating to the iPhone and iPad, which Apple says Samsung copied in its own smartphones and tablets. Weeks of testimony has seen Apple’s design team testify over the development of the iPhone and iPad and reveal hints of Apple’s product design process. Judge Koh has tried to get the two sides to settle the case, even ordering a face-to-face meeting between Apple and Samsung CEOs. But that effort went nowhere. The two sides agreed relatively quickly over today’s timetable, a surprise considering the thousands of motions and constant bickering between the legal teams, prompting the judge to call the agreement “historic in this case.” The jury will hear 109 pages of instructions and will receive a 20-page verdict form as they begin deliberations.
Share Price Seesaw: After hitting a record share price of $674.88 on Tuesday morning, Apple shares dropped almost 2% to $653 as a little known investment firm downgraded the stock from a “buy” to a “hold,” the Wall Street Journal noted. An analyst at Oracle Investment Research warned clients in a note that he was worried about the “hype” surrounding Apple as it prepares to launch the next generation iPhone. Yesterday, Apple topped Microsoft’s 1999 record market capitalization to become the most valuable company in history. The Oracle analyst also trimmed his target for Apple shares from $670 to $650. Oracle’s downgrade is a contrarian move. Most other analysts are raising expectations for Apple shares as the iPhone debut approaches, with Brian White of Topeka Capital Markets setting a $1,111 a share target for the stock, which would put Apple’s market capitalization well north of $1 trillion.
No Jobs Security: Apple is being sued by a former employee who claims he was fired last December even though the late Steve Jobs had personally guaranteed his job, Bloomberg reports. Wayne Goodrich, who was formerly the executive producer of Apple’s special events and presentations, has filed suit in a California court saying that he was fired without cause. Goodrich claims that he was promised by Jobs that he would have a job at the company as long as he wanted in 2005, shortly after the CEO returned from medical leave. He is suing for breach of contract and unfair business practices and is demanding damages including compensation for the loss of restricted stock.
For more about the company, check out our previous Apple Rumors stories.