Why Apple Stock Coasted 5% Higher This Morning
Shares of tech giant and iPhone-maker Apple (NASDAQ: AAPL) are up a strong 15.5% over the past week, soaring to an all-time high after reporting strong third-quarter earnings and a surprise 4-for-1 stock split. This morning, The Wall Street Journal reported that a little-known Chinese tech company -- Shanghai Zhizhen Network Technology -- is suing Apple for $1.4 billion in Chinese court, alleging that Apple's virtual assistant, Siri, violates patents held by Zhizhen. Now, it seems to be leveraging that win in an attempt to extract $1.4 billion in patent licensing fees from Apple.
