Apple Inc. (NASDAQ:AAPL) Opens Lower As DOW down 1%
Apple Inc. (NASDAQ:AAPL) fell about 0.80% to $562 in the opening as the broader market continue to slid on Wednesday as investors worried about Greece’s future in the euro zone and banks tumbled with Spain’s Bankia SA in the lead. The stock has been showing support around $560 levels. Yesterday, the stock gained momentum in the final hour and closed marginally lower at $568.18, after hitting session low of $558.73. The stock is still trading above its pre-earnings low of $555, which could act an intermediate support.
The company won dismissal of Proview Electronics Co.’s California lawsuit seeking to block it from using the iPad name. Proview, based in Taiwan, has sought to block shipments of Apple’s iPad tablet computer in and out of China. In the California case, filed in state court in San Jose, Proview claimed a December 2009 agreement to sell iPad trademarks to an Apple unit called IP Application Development Ltd. should be canceled. The Apple unit made “false” statements to Proview in correspondence before the agreement, according to the filing. Apple successfully argued that the case should be dismissed because the agreement required that the dispute be resolved in Hong Kong.
Apple acquired Proview’s worldwide rights to the iPad trademark in 10 countries, including China, the Cupertino, California-based company said Feb. 14. There are reports that the company may increases the size of its retail stores, as traffic continues to grow at break-neck speeds and customers clamor for the latest iDevice. The iPhone maker originally had plans to open around 100 stores that were 6,000 square-feet, but its retail stores are now around 8,400 square feet, and that’s proving to be too small, says Needham & Co. analyst Charles Wolf in a research note.