[4:00 PM] Apple Stock Watch: Apple Climbs Higher In Late Rally
by Wes George
The high tech Nasdaq regained its losses from yesterday, while the old economy stocks on the Dow continued to forever lag. Apple, stuck in a low volume rut, traded down till the last half hour then made a comeback.
Apple traded as low as 109 1/8, but closed up 7/8 at 113 1/2 on below average volume. Yesterday's intraday high was 117 dollars, that's some serious volatility.
The Nasdaq climbed 122 points (2.80%), to close at 4485, a new high. Volume was 1.8 billion shares.
The Dow gave back 55 points (0.52%) to close at 10643 with a billion shares traded. Oil prices moved to a 9 year high hurting the transport index. Worried economists warned that crude oil prices sustained above $30 per barrel could lead to an economic down turn. But others suggest that oil prices won't stay this high for long since an economic recession isn't in OPEC's best interest.
The S&P 500 gained 5.14 (0.36%), to close at 1416.84.
The bellwether 30-year US Treasury bond traded down by 1 14/32 to 95 28/32, after the US government auction of new 30-year notes went poorly. The yield, which moves inversely to the price, rose to 6.43% from Wednesday's 6.31%. The Fed has been auctioning various bonds all week and the bidding has been weak.
In Apple related businesses: Akamai lost 5 7/8 to close at 229 dollars. ARM Holdings gave back 7 1/4 to 234 1/2. Motorola gained 2 5/16 to close at 155 7/8. Macromedia gained 5/8 to 64 1/2. Adobe gained 3 11/16 to close at 91 1/4. IBM gained 1 7/16 to close at 118 13/16.
According to EarthLink investor relations, their Nasdaq symbol for the next eight days is "ELNKD". This is to differentiate the old EarthLink from the "new" EarthLink (resulting from the EarthLink/MindSpring merger). After the eight days, the symbol will return to "ELNK". EarthLink shareholders received 1.615 shares of the new EarthLink stock in exchange for each share of old EarthLink stock. This accounts for the change in the price level of the stock.
Shares of Earthlink traded down 1 5/16 to close at 26 9/16, after Sand Brothers downgraded the company from "buy" to "neutral".
Apple's competitors: Compaq lost a fraction to close at 26 1/4. Intel gained 3 dollars to close at 107 5/8. Gateway bounced 1 3/8 to 58 1/4. Shares of Microsoft gained 2 dollars to close at 106.
Dell traded up 3 15/16 to 38 51/64. After the market closed Dell reported earnings of $0.16 per share, estimates were for a profit of $0.15 per share.
Hewlett Packard, following Compaq's iPaq lead, has decided to emulate the iMac's success with a new computer they call ePC. cnet.com reported that, "Hewlett-Packard plans to begin shipping its simplified, stylized PC in late April...although the market for these machines is still uncertain." Hewlett Packard gained 1 7/8 to close at 125 7/8.
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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