AP
Rambus Shares Soar on Legal Win, AMD Deal
Monday January 9, 3:32 pm ET
Rambus Shares Soar on Legal Win, AMD Licensing Deal
NEW YORK (AP) -- Rambus Inc. shares continued on their skyward ascent on Monday, following a ruling last week that a memory patent trial with Hynix Semiconductor Inc. could go forward, in spite of Hynix's request to dismiss the case.
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Shares of Los Altos, Calif.-based Rambus were trading up $5.01, or 21.8 percent, at $27.95 in late afternoon trading on the Nasdaq. Earlier in the session, the stock set a new 52-week high of $28.71, soaring past the prior ceiling of $23. Shares are up more than 70 percent since closing on Dec. 30 at $16.19.
Last week, a judge in the U.S. District Court for the Northern District of California, San Jose division, threw out Hynix's request to dismiss the case based on "unclean hands and document spoliation."
Investors may also be optimistic that a settlement conference scheduled for later this month could be fruitful. The conference in the Hynix-versus-Rambus patent case, is scheduled for Jan. 17.
Separately, last week Rambus agreed to a five-year patent licensing deal with Advanced Micro Devices Inc. reportedly worth $75 million, which Pacific American Securities analyst Michael Cohen characterized as fairly important as Rambus is trying to advance new memory interfaces.
"Rambus has been trying to get XDR, extreme data rate, on the roadmap for some time now," Cohen said in an interview.
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