Shares of Alphabet Inc. Cl A GOOGL, edged up 0.12% to $2,960.94 on Wednesday.
It was an all-around poor trading session for the stock market as the S&P 500 Index -0.26% fell 0.26% to 4,688.67. In addition, the Dow Jones Industrial Average fell 0.58% to 35,931.05.
The rise of the Alphabet Inc. Cl A snapped the two-day losing streak. The company closed $51.36 below its 52-week high ($3,012.30), which it achieved on November 8th.
It also demonstrated a mixed performance on Wednesday. Apple Inc. rose 1.65% to $153.49 and Microsoft Corp. climbed 0.07% to $339.12. On the other hand, Meta Platforms Inc. fell 0.64% to $340.77.
Trading volume (973,375) remained 564,214. It was below its 50-day average volume of 1.5 M.
Google says it’s the Rightful Owner of Patents
Audio products manufacturer Sonos is an early proponent of connected home speakers. It claims that Google gained knowledge of the technology through a partnership to integrate Google Play into the Sonos platform. And then it decided to sell its own product line and undercut Sonos on price, the audio company said.
Google’s allegations came in response to the lawsuit Sonos filed in January last year. The breach-of-contract accusation over the software adds a new dispute to the legal battle between the two former allies. That includes dueling lawsuits in five countries. The two have also caught the attention of regulators and Congress.
Sonos called ALPHABET, INC. ‘s Google contention “nonsense,” as the search-engine company said it is the rightful owner of patents on ways to keep music playlists in the cloud that form a key component of a lawsuit Sonos filed over the Google Play Music system.
The Alphabet unit said during a court filing on Tuesday that Google, not Sonos, conceived of the cloud queue idea.” Thus, it should be listed as owner and inventor of two of the Sonos patents. Moreover, it also contends a 2013 Content Integration Agreement which prohibits Sonos from claiming ownership of any technology developed during the partnership.
A Google spokesman, José Castañeda, said that Sonos has grossly mischaracterized their partnership. They met with them frequently to integrate their technology with theirs, and to develop additional technology, which they are now claiming that they invented and they infringe, the spokesman said.