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Apple rebounded a bit today closing at 46 1/2, up 1 3/4 or 3.91%. Volume was closer to the pre-rise average with 3,526,300 shares trading hands. The current average is 4,690,863 shares each day trading while before the rise that began late in April, the average was consistently 3,300,000 or so.
Most of Apple's PC competitors also saw rises, but unlike yesterday, Apple gained as well. IBM, Dell, Compaq, and Hewlett-Packard all saw gains from 1/4 to 4 1/2 at the same time the tech heavy NASDAQ also gained 39.86 to close at 2,606.54 . The Dow closed down 25.78 at 11,000.37, barely holding on to 11,000.
Contributing factors to today's trading included the resignation of Treasury Secretary Robert Rubin and a US$1 Billion deal with Nintendo to provide 400 MHz PowerPC chips for Nintendo's next generation gaming console.
The Mac Observer Spin: The resignation of Robert Rubin sent shockwaves through the US markets during morning trading, but most of the markets had recovered by afternoon. This was due in part to the news that current Deputy Treasury Secretary Lawrence Summers would be his likely successor.
More specific to the Mac market is the deal between IBM and Nintendo for IBM to supply 400 MHz PowerPC chips to the gamin giant. While this does not directly involve Apple, it seems to indicate that IBM may be committing to the PowerPC market after all. IBM has already said it was more interested in producing faster G3s than G4s (Motorola is expected to be Apple's main supplier of PowerPC chips. They are focusing on G4s). It is possible that this may have had some effect on Apple's stock, helping to reverse the downward trend we saw during the last 3 days.
Apple
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