Tessera Technologies (TSRA) NewsBite - Tessera Plans to Respond in Patent Case

Posted on Monday, June 16, 2008 2:24 PM

Tessera Technologies Inc. (TSRA) opened at 17.56. So far today, the stock has hit a low of 17.56 and a high of 19.65. TSRA is now trading at 19.04, up 1.70 (9.68%). The stock hit its 52 week high of 45.15 in June and set its 52 week low of 11.11 in March. TSRA had a big fall in February but has been stronger since then. Tessera Technologies announced today the U.S. Patent and Trademark Office issued on Friday evening an "office action" which rejects certain claims of the company’s patent No. 6,433,419. Tessera said it will respond to the decision. Technical indicators for the stock are bullish but deteriorating. If you’re looking for a hedged play on this stock, consider a September bull-put credit spread below the $10 range. TSRA stock could fall up to 47.5% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]