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Another victory for Apple and oil prices aren’t headed in the right direction. Here's the Friday Bloomberg After The Bell Report.
Apple won a round in a U.S. International Trade Commission case brought by Samsung over patented technology in the iPhone and iPad, marking Apple's second legal victory in a month over its biggest smartphone competitor as the judge ruled that Apple did not violate Samsung's patent rights.
The judge's findings are subject to review by the full commission, which has the power to block imports of products that infringe U.S. patents.
Stocks ended the day higher as markets rallied on the Federal Reserve's bond purchase program. Oil climbed to the highest level in more than four months as a result of the fed's decision and because of unrest in North Africa and the Middle East while wheat jumped to a one-month high.
The Obama administration says that the $1.2 trillion in automatic spending cuts required under a deficit-reduction law would have a devastating impact on defense and other government programs. The White House Office of Management and Budget says it would have to cut $109 billion from defense and non-defense programs like Medicare in fiscal 2013.