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Apple's stock rose today on news that some analysts had raised their profit estimates for the company. Apple closed at 43 15/16, up 1 7/16 or 3.38%. Other PC manufacturers closed mostly down today as IBM, Dell, Hewlett-Packard, and Compaq all closed in negative territory while Gateway closed slightly up.
Lingering concerns over chip manufacturers helped to drag down Apple's competitors, while semi-smiling analysts helped buoy Apple. According to a CBS MarketWatch report:
Despite a general hardware maker tumble, Apple shares rose [today]. CSFB raised its earnings estimates on the maverick computer maker. For the third quarter, analyst Michael Kwatinetz shifted his outlook from 64 cents to 66 cents and fiscal 1999 estimates from $2.75 to $2.80 per share. The First Call predictions for Apple are 63 cents and $2.77, respectively.
In other Mac related news, HP announced it was exiting the Mac scanner market.
The Mac Observer Spin: Perhaps HP's announcement helped to bring down their stock today... :-)
Apple
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