Apple (AAPL) Sued By NTP, Posts Minor Dip
Apple Inc. (NASDAQ: AAPL) is one of the many high-profile targets of a lawsuit filed by the privately held NTP Inc. The other mobile companies targeted by NTP are Google (NASDAQ: GOOG), Microsoft (NASDAQ: MSFT), Motorola (NYSE: MOT), HTC and LG Electronics.
NTP posted a legal victory over Blackberry manufacturer Research In Motion (NASDAQ: RIMM) in 2006 to win $600 million. The company alleges that eight of its patents for email delivery over wireless communication systems were being used without a license. Providing email facilities on mobile phones have become essential for wireless companies, and Apple has been making extremely good progress with its iPhone. Google has also reaped the gains of having providers use its Android operating system in their phones.
Apple’s stock has posted a minor dip of 0.19% to trade at $259.13 in today’s session so far. The dip is being viewed as a temporary setback as all other indicators point to bullish pressure building up in the background. Apple registered an up/down ratio of 102/100 in yesterday’s session with a net inflow of $31.37 million. The stock has gained 3% in the last month, and is trading above its 50-day and 200-day moving averages. As per indicators, the price is largely expected to rise further.
Expectations for the iPad’s future are very bullish with analysts at Bernstein Research pegging sales at 25 million units in FY11. Apple’s cash position is the strongest in corporate America at $41 billion. The company has been consistently registering 50% growth every year, and can easily overtake Exxon’s (NYSE: XOM) as the largest corporation in a couple of years time.
In addition to explosive revenue growth, Apple also seemed to have mastered the fine art of controlling costs. The incremental cost incurred to run the growing corporation has barely risen. Analyst Andy Zaky, who has been following Apple closely, expects revenues to touch $63 billion in 2010, with an EPS of $15.51.
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