Apple shares gain for a fourth straight session on Friday, tech giant ordered to discontinue using part of press release in dispute with Qualcomm

January 21, 2019 8:30 am

According to a report by Reuters, citing a ruling by a German court, Apple Inc (AAPL) has been ordered to discontinue using part of a press release, which states that all iPhone models would be available in the European country via resellers and carriers.

In December, Apple was prohibited to sell its iPhone 7 and iPhone 8 devices in Germany following a dispute with Qualcomm Inc over patent rights.

Apple shares closed higher for a fourth consecutive trading session on NASDAQ on Friday. The stock went up 0.62% ($0.96) to $156.82, after touching an intraday high at $157.88, or a price level not seen since January 2nd ($158.85).

Shares of Apple Inc have retreated 0.58% so far in 2019 compared with a 6.54% gain for the benchmark index, S&P 500 (SPX).

In 2018, Apple’s stock went down 6.79%, thus, it again underperformed the S&P 500, which registered a 6.24% loss.

According to a statement by the court, consumers and retailers are given the false impression by Apple’s press release that availability of the company’s devices is limitless.

Last week Qualcomm Inc received the preliminary injunction, according to which Apple will have to stop using the particular statement in its press release.

According to Reuters, at the time, Apple said that the iPhone 7 and iPhone 8 devices would no longer be stocked at the tech company’s 15 outlets in Germany. However, customers will still be able to find them through over 4 300 resellers and carriers across the country, Apple said.

According to CNN Money, the 34 analysts, offering 12-month forecasts regarding Apple Inc’s stock price, have a median target of $180.00, with a high estimate of $260.00 and a low estimate of $140.00. The median estimate represents a 14.78% upside compared to the closing price of $156.82 on January 18th.

The same media also reported that 21 out of 41 surveyed investment analysts had rated Apple Inc’s stock as “Hold”, while 17 – as “Buy”.

Weekly Pivot Levels

By using the traditional method of calculation, the weekly levels of importance for Apple Inc (AAPL) are presented as follows:

Central Pivot Point – $154.64
R1 – $160.06
R2 – $163.30
R3 – $168.72
R4 – $174.14

S1 – $151.40
S2 – $145.98
S3 – $142.74
S4 – $139.50

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