Monday Stock Movers – Cooper Tire & Rubber (NYSE:CTB), VirnetX Holding (NYSEMKT:VHC), Apple (NASDAQ:AAPL)

Technology Stocks News 16

Cooper Tire & Rubber (NYSE:CTB) is down 8.2% to $22.79 per share after Q3 results showed a $29 million reduction in operating profit due to July/August work stoppages at the CCT joint venture and manufacturing inefficiencies.

The company reported a Q3 net loss of $168,000 in Q3 compared to a net profit of $74 million in the same period last year. Net sales were $832 million, a 24% drop from $1.095 billion in Q3 2012.

Chairman, CEO and President Roy Armes said, “As expected, issues surrounding the [CCT] merger had a significant negative impact on our third quarter results, and we anticipate some carry over of these negative impacts to a lesser degree in the near term. Still, our business model remains resilient and we will report positive operating profit and net income for the fourth quarter and second half of 2013.”

Shares are trading near the low end of a 52-week range of $20.55 – $34.79 per share.

VirnetX Holding (NYSEMKT:VHC) jumped 16.1% to $22.65 per share in midday Monday trading after winning pending patent litigation against Apple (NASDAQ:AAPL).

The software development company, which focuses on solutions for securing real-time communications over the Internet, said the United States District Court for the Eastern District of Texas issued an order awarding the company an on-going royalty of 0.98% from Apple.

The royalties cover “adjudicated products and products not colorably different from those adjudicated at trial that incorporate any of the FaceTime or VPN on Demand features found to infringe at trial.”

VHC spiked higher on 3.9 million shares in afternoon Monday trade, ten times average daily volume of 385,000 shares. VHC has a 52-week price range of $15.84 – $36.84 per share.

AAPL shares are down 0.26% at $524.87 on volume of 5.4 million shares compared to 12.7 million shares average daily volume.

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