Afternoon BUZZERS: Apple Hits NEW HIGH, Tiffany and Best Buy POP
Shares of Apple (NASDAQ:AAPL) jumped 2.08 percent this afternoon. The tech giant won more than $1 billion from Samsung after a jury concluded Samsung infringed on Apple’s patents. The judge could double or even triple the award amount. Microsoft (NASDAQ:MSFT) and Nokia (NYSE:NOK) also rallied on the verdict.
Tiffany & Co (NYSE:TIF) shares popped 7.46 percent this afternoon. The world’s second largest luxury jewelry retailer reported that sales at stores open at least a year dropped 1 percent, better than expected. Tiffany’s comparable-store sales decline was “not as bad as feared,” Brian Nagel, an analyst at Oppenheimer & Co. in New York, explained in a note, according to Bloomberg.
Best Buy (NYSE:BBY) shares jumped 5.05 percent after the big box retailer and founder Richard Schulze announced the two have reached an agreement to allow Schulze to perform due diligence on the company. Business Wire reports, “Best Buy stated that the agreement establishes a non-exclusive, orderly process which satisfies the requests made by Mr. Schulze, while at the same time protecting the interests of all shareholders. Mr. Schulze stated that he was pleased that an agreement was reached which will allow him to conduct the due diligence he had sought.”
Shares of IBM (NYSE:IBM) fell 0.68 percent Monday. The software giant announced it agreed to purchase Kenexa Corp., a company that makes human resource management software, for around $1.3 billion.
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