[5:00 PM] Apple Stock Watch: The Mega-Rally Continues, Apple Climbs To Another New High on Price Target Upgrade
by Wes George
The Y2K melt-up in tech stocks continued as the Dow gave back some of its gains from Friday. Trading was reported as a "quiet", while the ongoing rally narrowed its focus. Most stocks outside a select group of technology leaders were down.
Apple climbed 1 3/8 or 1.20% to close at 116 3/8 on slightly below average volume. Apple traded most of the day flat or down a fraction, then in the last 20 minutes of the trading session a surge of buying moved the stock higher.
The Dow sagged 61 points (0.54%) to close at 11225, on a volume of 902 million shares traded.
The unstoppable Nasdaq gained 25.37 points (0.72%) after Friday's big surge due to benign inflation data and much short covering by the big hedge funds. Volume was 1.35 billion shares traded. Today was another new closing high for the Nasdaq. Yawn.
The S&P 500 lost 10.23 points (0.71%) to close at 1423.07 after setting a new closing record on Friday.
The bellwether 30-year Treasury bond rose 4/32 to close at 98 10/32, the yield dropped to 6.24% from 6.26% on Friday.
In Apple related businesses, Akamai rose 9 3/4 to close at 216 3/4. Adobe lost 3 9/16 to end at 63 1/8. Macromedia soared 4 1/16 to close at 80 11/16, a new high. Symantec was up a dollar to close at 52 1/16. Arm Holdings also hit a new high today, up 9 5/8 to 165 5/8.
Apple's Power PC partners big winners , IBM blasted up 4 points, after Friday's 6 9/16 run, to close at 115 7/8, while Motorola gained 9 1/2 after Friday's 5 7/16 gain to end at 133 1/2, a new high.
Apple's competitors were mostly down, Dell slipped lower as did Gateway, Intel, Hewlett Packard and Microsoft. Only Compaq beat the Wintel down draft today to close up 5/8 at 26 5/8
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.
Apple
|
