| Apple's stock fell slightly today as "concerns about Dell's growth" took a toll on tech stocks.
Apple stock closed at 45 3/16, down 1/16 or 0.14% on fairly low volume of 2,661,200.
The news that had analysts upset was Dell's announcement yesterday of only 41% growth. Dell's growth has traditionally been in the 50% range, and a slow down of that monstrous growth has some investors frightened. As a side note, Dell's stock traded in an enormous volume today with 65,223,500 shares trading hands as the shares ended the day almost 10% down.
Compaq, IBM, Gateway, and Hewlett-Packard all joined Apple and Dell on the downslide.
Eric Yang at AAPL Investors pulled a great quote in reference to both Dell and Apple:
Not to rub it in but Charles Wolf, the analyst from Warburg Dillion Read who downgraded Dell to a "hold" rating today, appeared on CNBC and commented "Hey, I rather buy Apple..." during an interview. Wolf wasn't being sarcastic. In fact he made the brilliant call of upgrading Apple to a "buy" in January of 1998 when still at CS First Boston. AAPL was trading at around $18 a share when he made that upgrade. Warburg Dillion Reed initiated coverage of AAPL with a buy rating when Wolf joined the company in earlier this year.
The Mac Observer Spin: Apple's stock has been in maintenance mode for the last two weeks. With the press conference held today with Wall Street financial analysts, we can expect movement in their stock that actually has something to do with the company for the first time in weeks.
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