The U.S. Patent and Trademark Office rejected several patent claims being brought against Google by Oracle last week. Oracle (NASDAQ:ORCL) sued Google (NASDAQ:GOOG) last year claiming that Google owed it $6 billion for parts of Java software that were used in the Android operating system. Oracle initially claimed 132 infringements against seven total patents, but upon the judge’s request, the company has whittled down the list to just 50 complaints.

AllThingsD points out that these rejections aren’t a good sign, but they don’t always mean the end of the lawsuit either. There have certainly been cases where there are rejections upfront, but the case eventually ends in a victory for the plaintiff. Oracle has six months to appeal the decision.

The case was originally expected to go to trial last October, but it now looks like it will be delayed until 2012. CNET quoted Google’s Chief Legal Officer, David Drummond, who wrote a blog post earlier this year, which read, “Android’s success has yielded…a hostile, organized campaign against Android by Microsoft (NASDAQ:MSFT), Oracle, Apple (NASDAQ:AAPL), and other companies, waged through bogus patents.  Patents were meant to encourage innovation, but lately they are being used as a weapon to stop it.”

Here’s how Oracle and its competitors are trading in reaction to the news:

Oracle Corp. (NASDAQ:ORCL): ORCL shares recently traded at $25.78, down $0.02, or 0.08%. They have traded in a 52-week range of $24.72 to $36.50. Volume today was 4,446,577 shares versus a 3-month average volume of 31,337,700 shares. The company’s trailing P/E is 14.18, while trailing earnings are $1.82 per share.

Microsoft Corporation (NASDAQ:MSFT): MSFT shares recently traded at $26.09, up $0.07, or 0.27%. They have traded in a 52-week range of $23.65 to $29.46. Volume today was 5,412,438 shares versus a 3-month average volume of 52,352,100 shares. The company’s trailing P/E is 9.48, while trailing earnings are $2.75 per share.

International Business Machines Corp. (NYSE:IBM): IBM shares recently traded at $185.55, down $0.63, or 0.34%. They have traded in a 52-week range of $145.96 to $194.90. Volume today was 667,372 shares versus a 3-month average volume of 5,544,300 shares. The company’s trailing P/E is 14.62, while trailing earnings are $12.69 per share.

SAP AG (NYSE:SAP): SAP shares recently traded at $52.99, up $0.1, or 0.19%. They have traded in a 52-week range of $47.39 to $68.39. Volume today was 145,905 shares versus a 3-month average volume of 1,625,640 shares. The company’s trailing P/E is 18.28, while trailing earnings are $2.90 per share.

Tibco Software, Inc. (NASDAQ:TIBX): TIBX shares recently traded at $24.07, down $0.13, or 0.54%. They have traded in a 52-week range of $18.43 to $31.45. Volume today was 216,024 shares versus a 3-month average volume of 2,966,210 shares. The company’s trailing P/E is 37.03, while trailing earnings are $0.65 per share.

Hewlett-Packard Company (NYSE:HPQ): HPQ shares recently traded at $25.86, up $0.24, or 0.94%. They have traded in a 52-week range of $21.50 to $49.39. Volume today was 2,285,410 shares versus a 3-month average volume of 20,345,200 shares. The company’s trailing P/E is 7.79, while trailing earnings are $3.32 per share.

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