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Tuesday, March 5, 2013

Samsung set to give Sharp $110 million lifeline, shares soar, (NASDAQ: AAPL)

Samsung Electronics Co is set to invest $110 million in Sharp Corp , ensuring it a stable supply of TV panels and bolstering the survival chances of the Japanese maker of Apple Inc iPhone and iPad screens.Shares in Sharp jumped as much as 19 percent in early trade on the news.The investment would give Samsung a 3 percent stake in the Japanese LCD pioneer, three sources familiar with matter told Reuters, making it a leading foreign shareholder alongside chipmaker Qualcomm Inc, which in December agreed to invest as much as $120 million."Rather than the amount of investment, it is the partnership with Samsung that Sharp gains that is important. Sharp has an opportunity to use the Samsung platform," said Tetsuro Ii, chief executive officer of Commons AM, a Tokyo based investment fund.

Apple Inc. (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. Shares of AAPL traded higher by 2.64% or $11.094/share to $431.14. In the past year, the shares have traded as low as $419.00 and as high as $705.07. On average, 20480200 shares of AAPL exchange hands on a given day and today's volume is recorded at 22801006.