[4:00 PM] Apple Stock Watch: Stocks Up, AAPL Barely Budges
by Wes George
Tech stocks extended their gains from last week along with a nice rally on the Dow, but volume was low and many traders remain unconvinced that the recent bear trend has been entirely broken. Apple ended slightly higher on the session.
The Mac Observer Stock Watch Virtual Portfolio gained back some ground today but we are still in the red as we await AAPL and IBM to come back from their presently discount prices.
Apple gained 1/4 point to close at 124 5/16 on light volume of 1.99 million shares.
FileMaker Inc., the database software subsidiary of Apple, announced its revenues grew to $101.5 million for the last four quarters, including its fiscal 2000 second quarter ending April 1, 2000. Customers bought more than a million copies of FileMaker software in the last four quarters with 746,000 seats from volume license deals.
The Nasdaq climbed 97 points (2.53%) to closed at 3958 on volume of 1.49 billion shares traded. Many of the top tier new economy stocks soared today, including the more speculative issues in biotechnology. The Nasdaq is roughly 19% above its recent low, but is still 21% below its March high of 5048.
The Dow climbed 77 points (0.73%), but closed more 100 points off the day's high at 10811, on light volume of 948 million shares.
The S&P 500 advanced by 15.88 points (1.09%) to close at 1468.31.
In Apple related businesses: Akamai gained 4 7/16 dollars to close at 103 5/16. ARM Holdings gained 1 3/4 to close at 33 1/2. Adobe soared 9 3/4 to close at 130 11/16. Earthlink gained a buck to close at 19 7/8. Motorola climbed 2 5/8 to close at 121 5/8. IBM gained 3/8 to 111 7/8. Macromedia continued its ascent by 3 1/16 to 90 1/16.
Apple's competitors: Compaq and Hewlett Packard announced the formation of an online supply chain exchange along with 10 other companies to ease the flow and cut costs of computer parts between vendors. Among the companies pitching in $100 million each to create and participate in the exchange is AMD, Samsung, Quantum, Western Digital and Gateway. The founders estimate that PC costs could be cut by 5 to 7% by year's end. Hewlett Packard's stock climbed 4 dollars to close at 139, while Compaq's fell 1/4 to 29 1/4.
Interestingly, IBM announced minutes later it will establish its own online parts exchange by the end of the month and has already signed up 9 partners. Could one be Apple?
Intel gained 5/16 to close at 127 1/8. Gateway gained 11/16 to close at 56 dollars.
A CBS MarketWatch/AOL poll revealed that America Online members believe breaking up Microsoft as a remedy for its software-industry domination would likely hurt technological advances. Ironically, by asking the least technological savvy community of Internet users about the future of technology the poll may actually serve as a contrarian indicator, much like odd lot short sales data does for stock prices.
Shares of Microsoft gained 3 11/16 to close at 73 7/16 as analysts rushed to the company's aid by advising investors that the worst news is out. Besides, they say, it'll take years for the DOJ case to wend it's way through the court system, meanwhile Microsoft is free to conduct business as usual.
In economic news, the Commerce Department said construction spending grew by 1.4% in March for its sixth consecutive monthly gain and surprised economists who had forecast less growth. Construction spending is up 7% over last year at this time.
Fortunately, the stronger than expected construction data was somewhat balanced by an easing of growth in the manufacturing sector according to the National Association of Purchasing Management. Still, the April manufacturing data showed positive growth for the 15th month in a row.
The bellwether 30-year US Treasury bond dipped 11/32 to 103 20/32. The yield, which moves inversely to the price, rose to 5.99%.
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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