This Story Posted:
May 28th, 1999

 
 

[4:12 PM]
Apple Stock Watch: Apple Rises On Moody's Report - Closes Over 44
Shares in Apple rose today as a favorable report by Moody's raised the rating on Apple's Bonds. A general market rally also helped push Apple and most other PC manufacturers up.

Apple closed at 44 1/16, up 9/16 or 1.29%) on a remarkably low volume of 1,795,800. The current average of shares of Apple traded on a daily basis is 4,771,045.

IBM, Hewlett-Packard, and Gateway 2000 also closed up while Dell and Compaq both closed slightly down.

The Mac Observer Spin: Apple will hopefully get some mileage out of the Moody's report for the next few trading sessions.

In other news related to the industry that could come into play for Apple is a statement made by Dan Scovel, semiconductor analyst at Fahnestock & Co. in a report by CBS MarketWatch.

"Over the last few weeks, people have begun to decide the PC market is not a great place to be these days," said Dan Scovel, semiconductor analyst at Fahnestock & Co. "We're entering the trough of the PC season in the second quarter, and the PC market still sets the pace for perceptions of what's happening in chips."

Accompanied by the comments made by Fred Cohen on Wednesday, it is possible that some investors could actually take shelter at Apple! The comments from Mr. Cohen:

"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.

Time will tell, but these are good comments and reports for Apple. If this were to prove true, Apple's stock would surely benefit.

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