[4:00 PM] Apple Stock Watch: Apple Falls More Than 4%
by Wes George
The Dow continued south while the Nasdaq tech rally thinned to just a hand full of over hyped stocks. Most tech stocks were down today. Apple took some profits off the table too, the company sold shares of ARM Holdings.
Apple lost 4 13/16 or 4.19% to close at 110 3/8 on 2.1 million shares traded.
Reuters' reported that, "Apple sold a 0.7 percent stake in ARM on Tuesday to reduce its investment to 4.95 percent, ARM said in a statement. Apple has gradually been reducing its stake in ARM, whose shares have soared over the past year."
ZDNet News ran a story this morning reporting that, "A week after Apple announced plans to revamp three-quarters of its core product line, Mac resellers say the company's next-generation PowerBooks, iBooks and Power Mac G4 systems are reaching store shelves."
The Nasdaq lost 27 points (0.59%) to close at 4509 with a volume of 1.8 billion shares traded. Fibre optics, biotechs and business to business Internet stocks were the hot names today while the Nasdaq big cap stocks took a hit.
The Dow lost 230 points (2.28%), to close at 9862 on volume of over a billion shares. The Dow closed below 10,000 for the first time since October and is off almost 16% from its a record high on Jan 14th at 11722. Interestingly, this is the third Friday in a row that the Dow has dipped 200 points plus.
Many market technicians believe that the Dow is experiencing a true bear market and is likely to languish at these levels for much of the year. Today the Dow closed at a level last visited April 6th 1999 on the way up.
The S&P 500 slipped 20.07 (1.48%) to close at 1333.36.
In Apple related businesses: Adobe traded down 7 7/8 to close at 98 1/2. Akamai lost 7 3/4 to close at 267 1/16. ARM Holdings gained 14 1/4 dollars to close at 232 1/4. IBM slipped 3 7/8 to close at 106 5/8 dollars. Shares of Earthlink gained 9/16 to close at 24 1/16. Macromedia gained 1 7/8 to 85 7/8. Motorola lost 4 13/15 to close at 159 7/16.
Apple's competitors: Compaq gained 1/8 to close at 26 1/16. Intel lost a buck to close at 113 1/4. Dell gave back 1 1/8 to close at 41 1/4. Hewlett Packard lost 4 13/16 to close at 124 11/16. Shares of Microsoft lost 3 7/16 to close at 91 5/16 dollars. Gateway gave back 3 3/16 to 69 13/16.
In other news: The gross domestic product surged ahead 6.9% in the last quarter of 1999. The GDP, a measure of the US economy's total output of goods and services, is rising at its strongest pace in over three years. The GDP grew by 5.7% in the third quarter of 1999 and has consistently beat economist's projections.
According to the Wall Street Journal,"Friday's revised estimate matched a 6.9% growth spurt posted in the second quarter of 1996 and has not been exceeded since a 7.2% rate of increase in the fourth quarter of 1987."
The bellwether 30-year US Treasury bond traded down 8/32 to 101 10/32. The yield, which moves inversely to the price, rose to 6.15% from Thursday's 6.13%.
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.
Apple
|
