[4:00 PM] Apple Stock Watch: Yahoo! Summer Rally Resumes, Apple Climbs Higher
by Wes George
Yahoo! topped Wall Street's expectations for its earnings last night. This morning everyone woke up and thought, hey, the Internet stocks are looking pretty cheap today. The Nasdaq rallied like gangbusters after two down days and the Dow tagged along for the ride. Apple continues its trend higher.
Mary Meeker of Morgan Stanley Dean Witter called Yahoo! "one of the best financial models we have ever seen". Yahoo soared 19 7/16 to 124 15/16.
Apple jumped 1 15/16 or 3.40% to close at 58 7/8 on volume of 4 million shares.
A C-Net article reports that Mac OS X may not "provide easy access to end-user customization in its sleek new GUI, Aqua." That could mean curtains for Kaleidoscope and the Appearance control panel which allows customizable themes for the Mac user's desktop.
The Nasdaq soared 143 points (3.62%) to close at the day's high of 4099 on strong volume of 1.7 billion shares. The Nasdaq is now positive for the year for the first time since April 10th and is about 28% off the lows of 2000. The sentiment is for a continuation of the summer rally. Technical analysts believe the Nasdaq could hit 4400 or 4500 in the short term.
The Dow climbed 56 points (0.53%) to close at 10783 on volume of 999 million shares. Traders on the Dow are also increasing optimistic that a summer rally is in the making.
The S&P 500 rose 12.04 points (0.81%) to close at 1492.92.
In Apple related businesses: Akamai gained 6 7/16 to 113 1/2. Adobe traded up 1 15/16 to 58 7/8. Earthlink rose 1/4 to 13 11/6. Motorola climbed 1 7/8 to 35 7/16. IBM was higher by 2 1/12 at 104 1/2.
Apple's competitors: Hewlett Packard gained 1 1/4 to close at 127 7/8. Gateway was up 3 9/16 at 70 15/16. Compaq soared by 1 1/4 to close at 26 3/4.
Intel climbed 2 3/8 to 141 3/16. Microsoft says they have developed a version of Windows that runs on Intel's next generation 64-bit Itanium processor.
Shares of Microsoft climbed 1 3/16 to 80 5/16. Steve Ballmer claimed that .NET is not an attempt to control the Net. Then why did Microsoft appropriate the .NET nomenclature for their "bet-the-company" scheme?
The Mac Observer Stock Watch Virtual Portfolio for the first time in a while is now back in black thanks to Apple's and Akamai's strong performance.
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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