InterDigital Traders Selling On News After Buying On Rumors

Shares of InterDigital, Inc. (NASDAQ: IDCC) spiked higher on Tuesday after the company won a Delaware infringement suit against ZTE in which three infringing claims were asserted as InterDigital patents.

Benzinga's Pro News Feed alerted traders of market chatter from a Bloomberg headline being passed around across trading and news desks of a positive court ruling for InterDigital prior to the official announcement.

Shares of InterDigital spiked to an intraday high of $48.50 before paring off some of the gains and trading at $46.11, up 3.8 percent on the day.