AAPL Stock: 118.03 ( -0.85 )

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Samsung shares shed $12B following verdict

updated 04:30 pm EDT, Mon August 27, 2012

Apple up $11 so far on the day

In the first day of trading since a California jury handed Apple a $1.05 billion victory over Samsung, shares in the South Korean electronics manufacturer tumbled by about 7.5 percent to finish at their lowest close in a month. In a day of heavy trading, Samsung shed more than $12 billion in value as investors feared that the verdict would signal future troubles given that the company faces yet another patent lawsuit from Apple, one that targets its best-selling Galaxy S III. Despite the stock price drop, a number of investors believe the Korean company is on solid footing going forward.

Samsung shares had fallen as much as eight percent on the day, to 1.173 million won ($1,000), only to rise slightly to 1.18 million won ($1,040). A total of $1.27 million Samsung shares changed hands today, or four times the daily average it saw last week. Today marked the largest day in trading for Samsung since October of 2008.

Investors feared that Friday's verdict could represent a significant obstacle for Samsung going forward. Samsung's tablet and smartphone segments account for about 70 percent of the company's earnings.

While Samsung reassures employees and prepares to fight a post-verdict battle to overturn one case, Apple has already leveled another patent infringement charge at the company.

The second suit claims that Samsung copied iOS techniques for heuristic information finding as well as its method of suggesting a replacement word when a misspelling is highlighted. Apple has already attempted to have Samsung's Galaxy S III smartphone blocked from sale in the United States, though that effort was rebuffed, and the device has gone on to solid sales.

Wall Street also appeared to weigh in on the impact of the verdict today. As of 3:55pm ET, shares of Apple are up $11.31, while shares in Google are down $11.30.

by MacNN Staff



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