Apple nears 52-week low, awaits President Biden decision on patent infringement
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Apple (NASDAQ:AAPL) shares neared their 52-week low on Friday as the tech giant is awaiting a final decision by President Biden after the U.S. International Trade Commission ruled that the tech giant infringed on patents held by privately-held AliveCor regarding the electrocardiogram function on its Apple Watch.
The ITC's decision, which came on Thursday, said imports of the Apple Watch should be banned, but that the agency would not enforce the ban until appeals were finished. 
Now the case goes to Biden, who will undertake a 60-day review on the matter.
The ITC's ruling is in contrast to a decision that the U.S. Patent and Trademark Office made earlier this month, after it said AliveCor's patents pertaining to heart monitoring technologies for wearable devices were "unpatentable."
Apple Watch Series 4, 5, 6, 7 and 8 all contain the electrocardiogram functionality.
Apple (AAPL) did not immediately respond to a request for comment from Seeking Alpha.
In a statement, AliveCor CEO Priya Abani said the ITC ruling was a "win for innovation and consumer choice."
A group of Democratic lawmakers asked the ITC in October not to ban imports of the Apple Watch even if it ruled for AliveCor, noting that it could have a potentially negative impact on public health, Reuters reported.
Apple (AAPL) shares fell more than 1% to $130.48 in early Friday trade, near its 52-week low of $129.04
On Thursday, investment firm Needham cut its revenue and earnings estimates for Apple (AAPL) for 2023, citing "weak iPhone demand" in China.