Gemstar-TV Guide shares rose Thurs. after Goldman, Sachs analyst ...
Gemstar-TV Guide shares rose Thurs. after Goldman, Sachs analyst said that stock may have been oversold on concerns that company might lose battle at International Trade Commission over patents covering its interactive program guides. Gemstar stock rose nearly 8%…
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($1.38 per share) to $19.30 in late morning trading Thurs. and closed day at $19.22. Stock had fallen in Jan. after another analyst quoted ITC staff attorney as saying in pre-trial brief that Gemstar “should not prevail” in case against EchoStar, Scientific-Atlanta, others. Gemstar has settled differences with DirecTV, which counts among its hardware suppliers Thomson Multimedia, which has seat on Gemstar board. “We believe the market has overstated the importance of this recommendation,” GS report said. “The shares are oversold on the ITC overhang.” ITC has eliminated closing arguments in Gemstar case and is expected to issue decision by March 21. Gemstar filed complaint with ITC seeking to block import of set-top boxes from EchoStar, Pioneer, SA and SCI Systems that it alleged infringed on its IPG patents. SCI is one of EchoStar’s suppliers for Digital Sky Highway (DISH) satellite system.