Apple falls after judge recommends import ban on some iPhones

Risk appetite lost some momentum after a US trade judge recommends an import ban on Chinese made iPhones.  The Nasdaq gave up all of its earlier gains, while Apple shares turned negative.

ITC Judge MaryJoan McNamara saw Apple infringing on a few of Qualcomm’s patents, this was the first case being reviewed today.  Her recommendation will be reviewed by the full commission in July and if upheld, we then would see a 60-day waiting period for the ban to take place.  The second case could see an immediate ban implemented or provide extra leverage for Qualcomm to settle with Apple.

Qualcomm is seeking a broad injunction and if they win the second case, we could see major effects in the chip sector.  This could have effects on Apple partner, Intel and potentially remove them from the 5G market.

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Ed Moya

Ed Moya

Senior Market Analyst, The Americas at OANDA
With more than 20 years’ trading experience, Ed Moya is a senior market analyst with OANDA, producing up-to-the-minute intermarket analysis, coverage of geopolitical events, central bank policies and market reaction to corporate news. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business and Sky TV. His views are trusted by the world’s most renowned global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Breitbart, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
Ed Moya