Market Minute: Apple Wins a Court Battle; Lawsuit Puts Deere in Its Sights
The Dow Jones industrial average (^DJI) fell 1.5 percent last week, ending a streak of six straight weekly gains. the Standard & Poor's 500 index (^GPSC) also lost more than one percent, and the Nasdaq composite index (^IXIC) lost nearly 1 percent.
The U.S. International Trade Commission ruled late Friday that Samsung had violated parts of two Apple (AAPL) patents on digital mobile devices. The ruling prohibits Samsung from importing or selling certain devices, but President Obama has 60 days to veto it. And he did just that earlier this month to block a ruling that would have barred Apple from selling some products.
Separately, Apple reportedly will debut its next generation iPhone on Sept. 10. It's expected to show off an iPhone 5S, as well as a lower cost phone. Meanwhile, Samsung could unveil its new Galaxy model the week before.
A hedge fund filed suit late Friday against tractor maker Deere & Co. (DE) and the GPS firms Garmin (GRMN) and Trimble Navigation (TRMB), seeking $1.9 billion in damages. The fund owns the bankrupt wireless firm Lightsquared. Its suit accuses the defendants of fraud in the way they opposed Lightsquared's effort to build a wireless network. That led the Federal Communications Commission to withdraw its permit to build a high-speed network because it interfered with GPS systems.
Retail stocks will be in focus this week. First, this is a critical period for back-to-school sales, which is second only to the December holidays in importance to the industry. In addition, Walmart Stores (WMT), Macy's (M), Nordstrom (JWN) and Kohl's (KSS) report earnings.
And J.C. Penney (JCP) continues to be roiled by a nasty internal fight. One director, Bill Ackman, last week called for the ouster of the company's CEO. Now the rest of the board wants to take action against Ackman for releasing confidential boardroom deliberations, according to The Wall Street Journal (subscription required).
And Walt Disney (DIS) is dropping hints that it will use "Star Wars" as the theme for its next big renovation of its theme parks.
-Produced by Drew Trachtenberg.