|Apple closed down today after two straight days of gains had brought the stock back into striking distance of the ever elusive US$50 mark. It is possible the market was nervous about the lawsuit Apple filed against iMac design knockoff Future Power.
Apple closed at 45 5/16, a loss of 1 or 2.16%. Volume was low with only 1,332,300 shares trading hands.
Apple's PC competitors showed mixed results with Dell and Gateway 2000 closing down and IBM, Compaq, and Hewlett-Packard all closing up.
The Dow and the Nasdaq both continued their upward trends with the Dow closing at 11066.42, a gain of 95.62. The Nasdaq closed at 2706.18, up 20.06.
Check out our Apple Stock Watch Report for other stories on Apple's stock movement.
The Mac Observer Spin: Interestingly enough, several major services reported on the lawsuit including CBS MarketWatch, and an excellent report from News.com. Lawsuits often make traders nervous because they can bring in an air of uncertainty to a company's future. In this case it is very possible that some aspects of Wall Street are worried that if Apple loses this suit, the iMac's clear edge in design could be threatened. Take that scenario to any of another dozen other conclusions and we wind up with a loss today.