| Apple's stock was dragged down as industry worries of lagging PC sales took their toll on most of the major computer manufacturers. Apple closed at 44 1/2, down 2 1/2 points or 5.32%.
IBM, Dell, Gateway, Hewlett Packard also saw slight declines while Compaq's stock closed slightly up.
From a midday report by Janet Haney of CBS MarketWatch
Erica Klauer of BT Alex. Brown was said investors consider this a good time to cash in some holdings while the going is good. "Certainly there are still lingering concerns about whether or not hardware sales will remain robust as we go into the second-half of 1999 with year 2000 just around the corner and the associated problems there," she added.
The Mac Observer Spin: Along with the good of being considered one of the boys comes the bad of being lumped in with the boys. Starting with the beginning of the rise of Apple's stock over two weeks ago, Apple has seemingly been considered a real company by much of Wall Street as several analysts have come out saying Apple should do well. From there, Apple's stock seems to have followed market forces more closely than it has in the past.
So even though Apple's sales look like they are continuing to rise and their market share will continue to get larger, Apple's stock takes a dip along with the other PC manufacturers for reasons that don't effect the company.
While we had expected Apple's stock to continue its rise this week, it looks like it will take next week's WWDC and its expected announcement to kick it back into high gear. Still, languishing in the mid-40s is far better than wallowing in the low 30s.
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