This Story Posted:
July 20th, 1999

The Weekly Spotlight
The Back Page - Our Love-Hate Realtionship With Apple
Ask Dave - Desktop Files Explained and B&W G3s
Computing With Bifocals - Building An Easy Web Page II, Basic HTML
The Name of the Game - Free Games On The Web At Shockwave.com
Today's News
Yesterday's News
News Archives
Reviews
MacOS News Around The Web
Awards
Contact Us
Home
 
 

[3:54 PM]
Apple Stock Watch: Apple Drops As Market Takes A Hit
The stock market took a hit today as investors, long buoyed by hype and expectations, grew leery of IBM's and HP's long term prospects. Following higher than expected earnings announcements yesterday from IBM, some investors today still grew worried and the entire market, including Apple, suffered the consequences. According to a Reuters' report:

The selloff came as Blue chips for the most part reported expectation-topping results but questions emerged about whether the companies could continue to meet the higher hopes of investors.

International Business Machines Corp. tumbled 7-5/16 to 127-7/16 [at the time of this Reuters' report], the sharpest decline in the blue chip Dow, a day after its earnings edged above analysts' estimate.

Several brokerages raised their earnings estimates on IBM but in doing so cautioned that the shares, which surged in the first half of the year, could pause in the coming months.

"We have run up the market in anticipation," said Larry Rice, chief investment officer at Josephthal & Co. "Usually, when the news comes out people sell."

Apple closed at 52 7/8, a loss of 1 9/16 or 2.87%. Volume was slightly below average with 3,923,900 shares trading hands.

Apple's major PC competitors all took hits today that were higher than Apple's in terms of both dollars and percentages. IBM, Dell, Gateway 2000, Compaq, and Hewlett-Packard all closed lower.

The Dow and the Nasdaq also showed heavy losses with the Dow closing at 10996.45, a loss of 191.23 while the Nasdaq closed at 2732.18, down 98.11.

The Mac Observer: Our Spin is that MACWORLD Mania actually helped buoy Apple in the face of these market-wide losses with Apple falling less than all the PC Big Boys. Not a usual event.

Hopefully, Steve Jobs' keynote address will help put Apple back in positive territory tomorrow.

Apple



Headlines For Friday, September 10th

Today's News
Yesterday's News
News Archives
Reviews
MacOS News Around The Web
Awards
Contact Us
Home

© All information presented on this site is copyrighted by The Mac Observer except where otherwise noted. No portion of this site may be copied without express written consent. Other sites are invited to link to any aspect of this site provided that all content is presented in its original form and is not placed within another frame.