Stocks In News: Nike Inc (NYSE:NKE); Sirius XM Holdings Inc. (NASDAQ:SIRI); Koninklijke Philips NV (ADR) (NYSE:PHG)
Dallas, Texas, 10/02/2014 (ustrademedia) – Footwear and sports apparel maker Nike Inc (NYSE:NKE) announced on that its October 1st slated launch of new line of signature basketball footwear in China has been postponed till further notice. It is the same brand which was being promoted by basketball great LeBron James. The company had earlier announced a worldwide launch on 11th October which is also postponed. The reason for delay in launch is being linked to a tiny cosmetic issue with the newly developed product, which the makers had not identified till recently. Nike Inc (NYSE:NKE) is said to be working overtime to rectify the issue fully before the product hits the market.
Satellite radio operator Sirius XM Holdings Inc. (NASDAQ:SIRI) announced on 1st October that it has decided to go on appeal, seeking a review of last week’s California federal court ruling. U.S. District Judge Philip Gutierrez had ruled that the radio streaming firm had infringed on copyright held by yesteryears pop group “The Turtles” for a song they had originally come up in 1960’s. The ruling was based on a California law, which provides copyright protection to music which was produced after 1972. Company’s Chief Financial Officer David Frear has indicated that they will file an appeal against the ruling, since it would have wide ranging impact on the overall digital music industry.
Koninklijke Philips NV (ADR) (NYSE:PHG) which is the parent company of Dutch healthcare equipment maker has indicated that it would be going back to court to appeal against a U.S federal court ruling. As per the ruling, the court had ordered the medical equipment maker to pay $466.8 million as penal fines. The fine was in lieu of the patent infringement on two copyrights held by Masimo Corporation (NASDAQ:MASI) an Irvine based firm. The patents which were in question were related to technology which helps measuring the level of oxygen in the blood and count the pulse rate in humans.