Vringo, Inc.(NYSEAMEX:VRNG) has finally witnessed a victory in its patent suit against Google (GOOG). The company would be entitled to get $30M in damages and a royalty on Google search ad revenue through 2016, when Vringo's patent expires - some reports indicate the royalty rate is 3.5%. Google will almost certainly appeal.
It has been reported that Google will pay $15.9 million, AOL (NYSE: AOL) will pay $7.9 million, IAC (Nasdaq: IACI) will pay $6.6 million, Target (NYSE: TGT) will pay $98,800 and Gannett (NYSE: GCI) will pay $4,000.
The company was expecting damaged to the extent of $500 million, but a Judge ruled out recently and stated the company would get claim beginning on September 15, 2011.
Shares of VRNG resumed trading and slumped 6% after gaining 7.70% before the halt at around 12.30 PM.
AK Steel Holding Corporation(NYSE:AKS) shares soared 6.50% after the company announced last night that it would increase prices for all carbon steel products by $50/ton.
Fabrinet(NYSE:FN) surged 33% after reporting FQ1 revenue of $158.6M (-15% Y/Y) and EPS of $0.36, soundly beating a consensus of $147M and $0.31. FQ2 guidance is for revenue of $159M-$163M and EPS of $0.35-$0.37, above a consensus of $154M and $0.33. The news is lifting some optical component names, due to Fabrinet's status as a top contract manufacturer for the industry.
Micron Technology, Inc.(NASDAQ:MU) surged 6.50% after Taiwanese DRAM vendors Nanya and Inotera report M/M increases of 20.4% and 5.7%, respectively, for their October revenue. On a Y/Y basis, both companies, who have been bleeding cash, saw their sales decline. Meanwhile, Powerchip continues to shift manufacturing capacity away from PC DRAM, something that could improve the depressed market's supply/demand balance.
Jamba, Inc.(NASDAQ:JMBA) plans to follow up on its first year of profitability as a public company with a sweeping plan to grow sales and traffic. For the full-year, the company sees opening 40-50 Jamba Juice system stores, up to 15 international stores, 400-500 JambaGO automated outlets, as well as three spanking-new concept stores. In terms of numbers, the company has a leg up on Starbucks' Evolution Fresh juice business, but the juice market looks to be heating up with more competition