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Another day, another 7-year high. :-)
Apple closed above 62 for the first time since May 13th, 1999 during a day in which most of the major PC players closed lower. The day started off on a more positive note for the tech sector as Cisco announced two major acquisitions and a Wall Street analyst announced an upgrade on PC maker Micron. The day soured as trading wore on, leaving Apple and IBM as the two sole winners among the big players.
Apple closed at 62 1/8, a gain of 3/4 or 1.22%. Volume was moderate with 3,603,900 shares trading hands.
Microsoft, Intel, Hewlett-Packard, Compaq, Dell, and Gateway 2000 all closed down. IBM managed to close higher.
The Dow and the Nasdaq both ended the day in negative territory. The Dow closed at 11198.45, a loss of 127.59, while the Nasdaq closed at 2774.62, down 30.98.
The Mac Observer Spin: Apple P/E has risen to 16.63 during the last 3 months. While this is still the lowest among the major PC players, it represents a major increase overall. Wall Street really does seem to be waking up to Apple's value. This is a good thing.
Apple
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