Sonos stock surges after patent win over Google

Sonos (SONO.US), speaker and sound accessory company, surged roughly 10% during today’s US trading session. A ruling by US International Trade Commission showed that tech giant Alphabet (GOOG.US) infringed on 5 patents owned by Sonos. The suit began already in January 2020 when Sonos claimed that Google infringed on 5 of its patents by putting the technology in Google products. Now Sonos may be able to secure potentially lucrative licensing deals from tech companies. However, the firm still needs a final decision from the International Trade Commision.

Sonos (SONO.US) shares jumped on a huge volume. As a matter of fact, the stock already started a rebound in recent days, breaking above the 50- and 100-day moving average. As one can notice on the chart above, the area near $31.13 served as a support twice. Now bulls may aim at previous peaks (the resistance area above the $43.50 mark), but obviously one should also expect a strong resistance there. Source: xStation5