[4:00 PM] Apple Stock Watch: Apple Continues Downward Slide
by Wes George
The high flying tech stocks continued yesterday's bout of profit taking, while investors dug for diamonds in the old economy. Apple slipped further off its recent high, but started to come back this afternoon.
Apple lost 7/8 or 0.71% to close at 122 dollars on 2.4 million shares traded. According to Reuters, "Apple secured worldwide injunctions that prevent three companies (Daewoo, eMachines and K.K. Sotec) from making and selling PCs that it contends are knockoffs of its popular iMac personal computers."
The Nasdaq gained 49 points (1.02%), after falling a 150 points in the morning, to close at 4897. Internet and biotech stocks were weak. Today's Nasdaq chart pattern looks like another round of "buying on the dip", illustrating the unstoppable momentum of the ongoing tech rally.
The Dow gained 60 points (0.62%), to close at 9856 on volume of 1.2 billion. Many of the most beaten down value laden stocks showed some sign of life as investors look for a bottom here.
Oil prices pulled back strongly off yesterday's 9-year high, because oil ministers from Saudi Arabia and Iran suggested that they will push for increased production by OPEC (Organization of Petroleum Exporting Countries). Oil stocks which soared yesterday, fell today.
The S&P 500 slipped 11.12 (0.82%) to close at 1366.74.
In Apple related businesses: Adobe continued its recent fall from grace, down 2 1/8 to close at 79 1/16. Akamai gained 2 9/16 to close at 265. ARM Holdings lost 6 1/16 to close at 215 15/16. Earthlink gave back 7/8 to close at 22 11/16. Macromedia lost 1 1/8 to 68 7/8. Motorola lost 8 1/4 to close at 169 1/16.
As reported by Reuters, "IBM is taking minority stakes in electronic commerce software companies Ariba Inc. (ARBA) and i2 Technologies Inc. (ITWO)." The deal is valued at $637 million and gives IBM a larger stake in the hot business-to-business online commerce market. IBM gained 2 3/4 to close at 105 3/4 dollars.
Apple's competitors: Compaq lost 5/16 to close at 26 7/16. Dell gained 1 3/16 to 46 15/16. Hewlett Packard lost 2 1/8 to close at 140 7/8. Shares of Microsoft gained 2 11/16 to close at 95 9/16. Gateway gained 1 13/16 to 65 1/16.
Intel began shipping its gigahertz processor, two days after Advance Micro Devices (AMD) released the 1 GHZ Athlon coprocessor. Intel's chip is priced at $990, compared to the Athlon's hefty $1,300 price tag. Shares of Intel fell 13/16 114 15/16
In other news: Federal Reserve Chairman Alan Greenspan warned bankers against making loans on the expectation that economic growth will continue unabated, since a downturn would bring defaults by borrowers and could threaten the banking industry.
The bellwether 30-year US Treasury bond traded down 6/32 to 101 6/32. The yield, which moves inversely to the price, rose to 6.16%.
For full quotes on all the companies mentioned in this article, we have assembled this set of quotes at Yahoo! for your reference. We also have many of these same quotes reported live (20 minute delay) on our home page. For other stories regarding Apple's stock activity, visit our Apple Stock Watch Special Report.
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