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Apple's stock closed higher today as the entire market was buoyed by IBM and other tech stock increases. Apple closed at 44 1/16,a gain of 2 9/16 or 6.17%. 3,903,900 traded hands, below the average, but higher than it has been in the last few trading sessions.
In addition to the overall rise, Fred Cohen, senior analyst at Daiwa Securities, was quoted by CBS MarketWatch as saying that only Apple was poised to weather a decrease in PC orders. According to CBS MarketWatch:
"The whole PC sector is vulnerable. The only exception is Apple, because they really address the consumer sector and the consumer and education [sector] is roughly 2/3 of their business or more. Consumers are still buying. The others, which is still roughly 75 percent of the corporate market, is not moving," Cohen added.
IBM was the big gainer today, lifting Apple's other competitors into positive territory as they were set to issue a 2 for 1 stock split after trading ended today. IBM, Compaq, Hewlett-Packard, and Gateway 2000 all closed up while Dell closed unchanged.
The Mac Observer Spin: Mr. Cohen appears to be way ahead of the curve in understanding what Apple is up to. Apple will soon own the Consumer market in a number of ways. If other analysts pick up on this, Apple could begin the stock climb begun in April that has stagnated around the mid-40s for the last couple of weeks.
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