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January 5th, 2000

[4:30 PM] Apple Stock Watch: Apple Shines Above Market on MACWORLD News
by Wes George

Another day of extreme volatility in the stock market. Traders debate whether the high tech Nasdaq has found a bottom, while many typically old fashion stocks return to favor. But for Apple investors the good news from MACWORLD outshines all other.

Apple gained 1 1/2 points or 1.46% to end at 104 on heavy volume of 6.9 million shares traded.

Apple announced they will invest $200 million in Internet service provider Earthlink Network Inc.(ELNK) and that Earthlink will be the ISP for Macintosh computer users. Apple will take a seat on Earthlink's board. Earthlink is set to merge with Mindspring Enterprises Inc. creating the second largest ISP after America Online Inc. (AOL)

As a vote of confidence in Apple, Kevin Browne, acting general manager of Microsoft's Macintosh business unit said,``we've been monitoring Apple's progress on OS X for some time. We feel comfortable now standing up and saying we will do the applications for that project.'' Microsoft will bundle Internet Explorer 5.0, Outlook Express and its Office package including Word, Excel and Powerpoint with OS X.

Financial highlights from the keynote. See the full Mac Observer coverage of Steve Job's Keynote address.

Steve Jobs is now Apple's permanent CEO.

Apple's portable computer market share clocks in at 11% of the U.S. market. The iBook is the NUMBER ONE best selling consumer portable in the US!

Apple sold 1,350,000 Macs this quarter.

Apple's investment in Akamai has grown from $12.5 million to over $1 BILLION.

Mac OS 9, has sold more than 1 million copies.

The Dow bounced back 124 points (1.13%), after a 500 point decline in the last two days, to close at 11122 on a volume of 1.1 billion shares traded. Investors moved into defensive stocks such as electric utilities, basic materials and consumer staples stocks.

The Nasdaq tried to find a bottom this morning dropping 166 points then climbing back to end the day down only 24 points at 3877 on a volume of 1.7 billion shares, the second heaviest volume on record. CNBC reported that a number of old Wall Street hands believe that this 5.5% pullback "blew off the market froth" for the moment and the Nasdaq may rally again to new highs by next week. Others think the rising interest rate environment has killed the high tech rally of late 1999.

The S&P 500 gained 2.71 (0.19%) points to close at 1402.13.

The bellwether 30-year U.S.Treasury bond lost 1 7/32 to close at 93 14/32. The yield rose to 6.63% from 6.53% on Tuesday.

In Apple related businesses, Adobe was up 1 3/16 to close at 61 1/4, Symantec lost 3 1/4 to close at 51. Akamai slid 16 1/2 to 283 1/2, while ARM Holdings lost 11 to close at 182 1/2. Macromedia was up 4 3/8 to end at 80 1/8.

Apple's Power PC partners: Motorola sagged 3 3/8 to close at 134 1/2, while IBM gained 6 3/16 to close at 118 1/4 after Banc of America upgraded IBM from buy to strong buy today.

Apple's competitors: Dell gained 3 5/16 to end at 49 15/16 on an upgraded by PaineWebber. Hewlett Packard lost 11/16 points to close at 107. Microsoft was up 1 3/16 to close at 113 13/16. Intel gained 11/16 to end at 83 5/8.

Compaq traded flat at 29 after they announced a new lineup of personal computers, wireless links and digital cameras that mark a further break from its focus on PCs.

Gateway lost 3/4 to close at 62 1/4. Gateway warned after market closing that they will not meet earnings and will see lower revenues for their fourth quarter due to a slow down in enterprise system sales because of the Y2K lockdown. Moreover, they had trouble with their electronic component suppliers during the critical Christmas season. Gateway is down more than $9 to 54 in after hour trading. Dell and Compaq are also trading down after hours in sympathy

In other market news: New factory orders for manufactured goods rose 1.2% in November due to a surge in demand for electronic goods.

The NAPM index of activity in the nonmanufacturing sector, which makes up the bulk of overall economic activity, held steady at 55.5 in December. A reading above 50 indicates that the economy is expanding, below 50 indicates a recessionary trend.

The Wall Street Journal opines, "Overall, the data suggest that the U.S. economy closed 1999 with a full head of steam and that price pressures are beginning to emerge. Concerns that the Fed will increase interest rates in early 2000 to trim growth and head off inflation have led to steep losses in financial markets in recent days."

The December monthly employment figures to be released on Friday may determine the direction of the stock market next week.

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



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