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December 9th 1999

[4:00 PM] Apple Stock Watch: Anxiety Rules as Wall Street Smacks Apple
by Wes George

Volatile profit taking on the Nasdaq couldn't stop VA Linux Systems, the IPO du jour, from setting a new first day performance record by soaring more than 700%. The broader tech markets didn't fair so well.

Nervous investors refused to commit before tomorrow's producer price index report, a key economic indicator that may give the market a clue which way the Fed will go with interest rates. Moreover, the general consensus that the Nasdaq is way over bought has many investors believing a correction is finally at hand.

Apple continued its steep sell-off, down 4 13/16 or 4.37% to close at 105 1/4 on heavy volume, after shedding 7 3/4 or 6.58% yesterday.

The Dow rallied 66 points (0.60%) to close at 11134. Ominously, the Transport index continued its downtrend in spite of the strong Dow performance.

The Nasdaq eked out a gain of 6.61 points, after being down as much as 71, to close at 3592.69 with 1.75 billion shares traded. It was the heaviest volume day in Nasdaq history, the second in a row.

The S&P 500 lost 4.23 points (04.23%) to close at 1408.11.

The bellwether 30-year Treasury bond gained 4/32 to close at 98 23/32, the yield dropped to 6.21% from 6.23% on Wednesday.

In Apple related businesses volatility was the norm. Adobe gave back 2 1/4 to end at 65 1/2. Macromedia lost 3 5/8 to close at 82 3/8. Symantec was down 3 3/4 to close at 59 15/16.

Apple's Power PC partners, IBM and Motorola both sold off today. IBM climbed to 122 1/8 early in the day as they went into a meeting with analysts. John Joyce, IBM's CFO, said that he expects sales to be weak due to a Y2K lock down among large corporate accounts. IBM ended the session down 4 5/16 to close at 113 9/16.

Motorola gain 1/16 to close at 130.

Apple's competitors ended the day mixed, Gateway came off it's recent lows, up 1 9/16 to close at 67 3/8. Dell, Compaq and Intel continued to downtrend. Hewlett Packard beat the trend to close up 3/4 at 110 9/16.

The Linux craze continued. Corel (CORL) soared 10 15/16 to close at 39 1/4. Corel is marketing a version of the Linux operating system. Redhat was up 15 to close at 286 1/4. Andover.Net (ANDN) climbed 14 to 77 1/2 after their IPO yesterday. Andover.Net Hosts a number of open source software web sites.

VA Linux Systems (LNUX) offered 4.4 million shares at $30 per share and quickly soared to 330 before settling at 250 up 220 dollars or 733% for the day.

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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