The Old Economy Leads the Way Higher, Nasdaq Follows, but not AAPL
Apple Stock Watch: - The Old Economy Leads the Way Higher, Nasdaq Follows, but not AAPL
by , 5:25 PM EDT, August 14th, 2000
After an indecisive morning both the Dow and the Nasdaq kicked into rally mode this afternoon. Volume was so light on the Nasdaq, most people must have been at the beach. Apple climbed off its morning lows, but still ended in the red for the session.
The gut feeling in the market is that we are near the end of the rising interest rate cycle leaving a lot of good so-called old economy stock values in the wake of the last few years of tech stock mania.
Apple shed 5/8 consolidating Friday's gains at 47 1/16 on volume of 2.7 million shares.
The Nasdaq climbed 59 points (1.58%) to close at 3849 on volume of 1.2 billion shares, the 6th lightest session volume of the year. The Semiconductor Index ($SOX) climbed 6% after receiving a number of positive, if selective, recommendations from several brokerage houses.
Linux related stocks are getting a positive boost this week as the LinuxWorld Conference and Expo, "triggers a cascade of announcements and demonstrations of Linux technology."
The Dow rallied 148 points (1.35%) to close at 11176 on volume of 785 million shares.
The number of stocks hitting new 52-week highs on the NYSE rose to 150 today, that's the highest its been since January, while NYSE volume is 26% greater than it was last August, even though today was the lightest volume day of the month so far. The Dow is now within 550 point of January 14th's closing high of 11722, but it will have to break above its April 11th peak of 11287 first.
Crude oil prices climbed into the $31 a barrel region once again and forecasts are for high demand and tight supplies through out the coming winter.
The S&P 500 climbed 19.70 points (1.34%) to close at 1491.54.
In Apple related businesses: Is video e-mail in your future? Digital Media formed an alliance with Akamai to deliver point to point video services world wide using Akamai's Free Flow(SM) Streaming service. Akamai climbed 7 15/16 to 71 3/8.
Adobe soared 6 1/16 to 121 5/8 as Adobe InDesign gains momentum:
"Rochester Institute of Technology (RIT) School of Printing Management and Sciences is standardizing part of its curriculum on Adobe® InDesign (TM) software to prepare students for careers in printing and publishing. Over the coming months, more than 600 Apple Power Mac G3 and G4 computers in labs across the RIT campus will be loaded with InDesign software as part of the standardization initiative. RIT, a college committed to innovation and giving students real-life experience, was named America's "Most Wired University" by The Wall Street Journal and is listed in Yahoo! Internet Life's Top 100 Wired Universities."
Earthlink fell 9/16 to 10 dollars, ELNK's lowest price per share since February of 1998.
Motorola announced a multi-use wireless phone with an Internet microbrowser, e-mail, a two-way radio function, etc. Motorola climbed 5/8 to 34 5/8.
Apple's competitors: Dell lost a dollar to 36 11/16. Gateway was higher by 1/2 to 62 1/16. Compaq gained 11/16 to 32 1/8. Shares of Microsoft lost 1/4 to 72 3/16. Hewlett Packard climbed 3 15/16 to 113 15/16.
Intel rose 3 1/8 to 66 15/16. In a break from the Sony Corporation's sole reliance on Intel CPUs for its PCs, the consumer appliance giant selected Transmeta and AMD chips for future Vaio notebook computers.
In economic news: The Commerce Department reported business inventories rising 0.9% in June, that's bigger than the 0.6% increase anticipated by economists. The increase in inventories largely took place in the retail sector where business is struggling to keep pace with robust sales. Rising business sales allowed the inventory-to-sales ratio to remain unchanged in June with 1.32 months left of inventory held at June's sale price.
Wednesday's US consumer price index (CPI) release is expected to confirm the weak inflation data reported early this month.
For full quotes on all the companies mentioned in this article, we have assembled this set of quotes at Yahoo! for your reference. For other stories regarding Apple's stock activity, visit our Apple Stock Watch Special Report.
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