The ITC’s decision to ban the import of certain Samsung devices helped Apple’s stock shoot up by $12.91 on Monday, as it finished the trading day at $467.36. That was the second highest closing level since February 2013.
Though the success of the iPhone is routinely measured against Android as a whole, the reality is that Samsung’s fleet of Android phones remain Apple’s biggest competition. To that end, investors reacted favorably to an ITC ruling this past Friday which handed down an import ban against certain Samsung smartphones found to infringe upon Apple patents.
The rise in the stock price was enough to raise Apple’s market cap by $11.7 billion.
This comes one week after the Obama administration’s veto of an import ban affecting Apple devices helped boost the company’s stock up $6.9 billion.
The Samsung import ban is scheduled to go into effect in 60 days, in lieu of any veto by President Obama.