TiVo Inc. (NASDAQ: TIVO) just saw a major volume spike on a press release that it has won a patent ruling from the US Patent & Trademark Office.
TiVo shares had been trading close to $9.50 but the stock is now up11% at $10.21 and the pop after the news release did have an intraday high of $11.20.
At 2:44 PM EST we have now seen 6.2 million shares trade hands versus an average of about 2.2 million shares per day and the 52-week range is $6.92 to $18.93.
Keep in mind that this is still a step in the patent war process rather than a final-final resolution where money matters come to play.
TiVo commented, “We are pleased that the United States Patent and Trademark Office has reaffirmed the validity of all claims of the Time Warp Patent at issue in the second reexamination of the patent at the request of EchoStar. This decision by the PTO is final and not appealable by EchoStar. Today’s decision further validates our IP and brings us closer to ending EchoStar’s ongoing infringement. Moreover, we remain confident that the United States Court of Appeals for the Federal Circuit will uphold and enforce an injunction against EchoStar’s ongoing willful infringement of the Time Warp Patent.”
JON C. OGG