Apple's Stock Trading At Seven Month High

by , 1:00 PM EDT, April 30th, 2001

CNBC just mentioned that Apple was running at a 90-day high, 26.46 per share as of this writing, so we went digging. AAPL is actually selling at a 7 month high. It was 7 months ago, almost to the day, that Apple's stock sank by more than 50% (from 53.50 to 25.75) in one day, after the company warned that their fiscal 4th quarter was going to come in far under expectations. That day was September 28th, 2000.

Apple's stock has traded as low as 14 (adjusted down from 14 1/16) since that time, but has largely traded in the low 20's for most of the last seven months. AAPL closed at 26.20 on Friday, the first time the stock has closed over 26 since September 28th. On October 2nd, the stock traded as high as 26.75, but closed at 24.25.

Apple was the first PC company to be hit by a sales slowdown last year, but it was also the first company to recognize, and more importantly to act on that recognition, the coming industry-wide slowdown and prepare accordingly. In a rare show of intelligence from Wall Street when it comes to Apple, the stock has actually been rewarded for the company's actions, especially since the beginning of 2001. Since the rolling of the new year, Apple's stock has risen some 79%, outperforming the Nasdaq, the S&P, and all other PC manufacturers during the same time.

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