Spherix Incorporated Sues Cisco on Infringements of 11 Patents and BlackBerry CEO Optimistic about Turnaround
Spherix Incorporated (NASDAQ: SPEX) shares fell to a new yearly low of $2.90 on Friday after news revealed that the intellectual property purchasing company is moving forward with its lawsuit against Cisco Inc. In its lawsuit against Cisco, Spherix Incorporated alleges that the majority of Cisco's revenues from routing and switching ($43 billion since March 2008, $9 billion in 2013) can be attributed to 11 patents that Spherix bought from Canadian tech company Nortel Networks Corp. in December 2013. Nortel declared bankruptcy in 2008. Spherix believes that the vast majority of Cisco's switching and routing revenue from March 2008 through the present has been generated by products and services implementing technology that the company believes infringes on the 11 patents.
Spherix Incorporated operates as an intellectual property development company. The company provides a commercialization platform for protected technologies. It focuses on life sciences and drug development, as well as is exploring for opportunities in sports and nutritional supplement products relying on its D-tagatose natural sweetener as a GRAS ingredient.
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BlackBerry Limited (NASDAQ: BBRY) shares sunk after the smart phone maker reported revenue that plunged 64% to $976 mil, missing Wall Street's $1.11 bil target. The company recorded an 8-cents-per-share loss, reversing from a 22-cents-a-share profit a year ago, which came in better than the 55-cent loss analysts expected.
The company’s CEO John Chen said the company is on track with a turnaround strategy that he laid out 3 months ago. The company anticipates break-even results by the end of the current fiscal year, which ends in Feb. '15. “I am very pleased with our progress and execution in fiscal Q4 against the strategy we laid out three months ago. We have significantly streamlined operations, allowing us to reach our expense reduction target one quarter ahead of schedule,” said John Chen. “BlackBerry is on sounder financial footing today with a path to returning to growth and profitability.”
BlackBerry Limited designs, manufactures, and markets wireless solutions worldwide. It provides platforms and solutions for access to email, voice, instant messaging, short message service, Internet and Intranet-based applications, and browsing through the development of integrated hardware, software, and services. The companys technology also enables an array of third party developers and manufacturers to enhance their products and services through software development kits, wireless connectivity to data, and third-party support programs.
Get more information on BlackBerry Limited and free access to the in depth equity report at: www.TrendingWallStreet.com/stockquote/BBRY
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