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August 31st, 1999

[4:40 PM]
Apple Stock Watch: Apple Tops 65, Highest Since March 3rd, 1992
Apple, buoyed by a very successful keynote address at Seybold San Francisco, traded to a new 7 year high today. Apple released the new PowerMac G4 and the Apple Cinema Display and Wall Street seems to have loved it. Apple closed at 65 1/4, a gain of 3 3/16 or 5.14%! Volume was heavy with 5,665,600 shares trading hands. Apple last closed at 65 on March 24th, 1992. The last time Apple closed higher than 65 1/4 was on March 3rd, 1992 when the stock closed at 66 3/8.

Apple's iCEO, Steve Jobs, was interviewed on CNBC's Power Lunch and Apple was mentioned throughout the day in very favorable terms.

Apple's PC competitors also benefited from the good mood about the tech sector as IBM, Dell, Gateway 2000, Compaq, Hewlett-Packard and Microsoft all closed higher. Intel closed slightly down.

The Dow and the Nasdaq closed mixed with the Dow closing down at 10829.28, a loss of 84.85. The Nasdaq closed at 2739.35, a gain of 26.66.

Trading went up and down today as a key inflationary indicator report was released, by mistake, on the Internet. Apple traded in positive territory throughout the day.

The Mac Observer Spin: Wall Street seems to like the G4. We will have to wait and see if that mood holds. It also stands to reason that the markets were encouraged by the announcement of Apple's 140,000 pre-orders for the iBook too.


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