|[4:00 PM] Apple Stock Watch: Apple Drops As Stocks Head Lower
Apple's stock took a moderately hefty hit today as tech stocks and much of the rest of the market were awash in a sea of red unseen since the filming of The Ten Commandments. Nothing seemed to make traders happy despite a raft of announcements from many technology players.
Motorola announced it was buying General Instruments, IBM announced a new line of PCs running Linux (bound to make Microsoft happy), and 3-COM announced the Palm unit would be spun off.
Apple closed lower amidst all this downtrading, though volume indicated it was not a broad sell-off. Apple closed at 75, a loss of 2 7/16 or 3.15%. Volume was light with 2,250,000 shares trading hands.
Apple's PC competitors all shared in the bad news with IBM, Microsoft, Intel, Gateway 2000, Dell, Compaq, and Hewlett-Packard all closed lower.
The Dow and the Nasdaq were mixed. The Dow managed to close slightly higher in late afternoon trading as non tech related stocks brought the closing numbers high. The Dow closed at 11030.33, up 1.90 while the tech heavy Nasdaq closed at 2844.77, a loss of 42.29.