| Apple's 6 Day winning streak came to an end today as worries unrelated to Apple brought down all the major PC manufacturers down today, including Apple.
Apple closed at 47 11/16, down 1 1/4 or 2.55%. Volume was low with 2,755,200 shares trading hands, much lower than the current average of 4,808,318.
The trouble came when Donaldson Lufkin & Jenrette lowered the 4th quarter projections for several major computer manufacturers. The resulting distress took a big bite out of the tech sector in general and PV vendors in particular.
Both the Dow and Nasdaq took big plunges erasing yesterday's gains. The Dow closed at 10765.64, down 143.74 while the Nasdaq closed at 2474.51, down 49.70.
The Mac Observer Spin: It had to happen at some point within the very near future, but it is annoying that projections that have nothing to do with Apple, in fact, projections that make Apple look good would still be the cause of Apple's winning streak ending. Especially as the company neared the US$50 mark.
Such is the way of Wall Street however. Hopefully Apple will resume its climb tomorrow as the DLJ projections become a part of the distant "yesterday" of trader's dreams.
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