AAPL Rises in AOL-Sparked Tech Rally

Apple Stock Watch

Bryan Chaffin

2:37 PM, Feb. 3rd ET, 2010

Articles by Author Bryan Chaffin on Twitter Contact Author Bio

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Shares in Apple Inc. rose in afternoon trading Wednesday, as tech and Internet stocks rallied around AOL's December quarter earnings report. AOL reported a small profit of US$1.6 million (earnings per share of 1 penny), which compares to a loss of $1.96 billion (EPS of $18.52) in the year ago quarter. AOL was spunoff from Time Warner in late 2009.

For some reason, investors were cheered by this news, according to Markewatch, and became bullish on tech stocks. Shares of Microsoft traded higher at $28.67, up $0.21 (+0.74%); Cisco rose to $23.05, up 0.03 (+0.13%), Yahoo! rose to $15.46, up $0.29 (+1.91%); and Google's stock rose to $540.99, up $9.87 (+1.86%).

AAPL rose to $199.19 per share, a gain of $3.33 (+1.70%), on moderate volume in mid-afternoon trading session.

*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.

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2 Observer Comments

Lee Dronick

said on February 3rd, 2010 at 3:42 PM (Edited: 10/18/2011 6:20 PM):

Or was it that investors have finally gotten a clue about the iPad

Woody said on February 3rd, 2010 at 5:04 PM:

Wait, what? Tech stocks rallied because of AOL? Yet, Apple stock did its usual post-new-gadget-intro drop last week? Wow. Just wow. I’m beginning to think that, like the old 1980s stereotype, traders are all coke-heads. That’s the only explanation I can come up with.

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