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October 20th, 1999

[3:45 PM] The Apple Stock Watch: Wall Street Rally! Apple up 9.67%!
by Wes George

Microsoft lead the tech stocks forward as the most heavily traded issue, soundly beating its earnings estimates today. Microsoft said that demand for PCs is "awesome" and that they expect blow out growth next quarter.

The Dow ended strongly up 187.43 or 1.84% to close at 10392.36. The Nasdaq roared back after a six day losing streaking up 99.94 or 3.72% to close at 2788.12. Today was the third largest point increase on the Nasdaq in history. Volume was strong.

Apple soared back today after yesterday's trouncing, up $6.5/8 or 9.67% to close near the day's high of $75.125 on very high volume of 9,632,700 shares traded. Apple's average shares traded is 5.7 million.

Finally, Wall Street took a time out from worrying about inflation and concentrated on what is shaping up to be a very strong earnings seasons. Reports of a narrowing trade gap also help boost trader's spirits today.

America Online (AOL) earnings, expected to come in at $ 0.13 per share, are due out this afternoon, Internet stocks were up. Computer Associates International (CA) reported higher earnings in its second quarter, $0.60 per share, a penny above expectations. Also, IBM reported earnings after the bell at $0.90 per share up from $0.78 per share last year at this time. IBM did warn that Y2K may slow its earning this quarter.

Apple related stocks, Adobe, Symantec, Motorola and IBM all ended up strongly today. However, Macromedia lost $1 5/32 to close at $52 15/32.

On the PC side, Dell, Gateway 2000, Compaq, Hewlett-Packard, and Intel all joined Microsoft in closing with strong gains.

The 30-year bond rose 5/32 with the yield moving its highest level in several years at 6.34%, something not usually associated with a rally.

Transports hit a new low today, a bearish cross current in today's rally.

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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