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What: Shares of Universal Display (Nasdaq: PANL) dropped today by as much as 14% in the wake of the Apple's (Nasdaq: AAPL) major legal victory over Samsung, UDC's biggest customer.

So what: Samsung has been aggressively incorporating OLED technology into its smartphones in recent years, including many of the models involved in legal battle. While the infringements don't specifically related to UDC's OLED technology, Samsung device sales could take a hit, which would impact UDC's material sales to the South Korean conglomerate.

Now what: Apple will be seeking sales injunctions against Samsung's infringing devices, and Apple itself has yet to adopt OLED technology in any of its products. Canaccord Genuity reiterated its "hold" rating on shares this morning and price target of $30 based on the verdict, due to the added uncertainty and risk now for UDC's material sales. On the flip side, Cowen Group is defending the stock today against the sell-off, helping it to recover from lows, believing concerns over the Apple verdict to be overblown.

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