The Nasdaq-Amex Market Group announced a new index that would be included as tradable options. That index includes Apple Computer and 74 other high profile tech firms. According to a CBS MarketWatch report:
The Nasdaq-Amex Market Group said Tuesday it's begun to trade options on the Credit Suisse First Boston Technology Index, made up of 75 technology stocks.
The CSFB Technology Index, which is listed on the American Stock Exchange, includes such companies as Apple, Amazon.com, Compaq, IBM, Sun Microsystems, and Yahoo.
Twenty-five of the 75 stocks were chosen by the Technology Research Group at CSFB.
"Unlike other indexes, the CSFB Technology Index weightings strike a balance between market capitalization and equal dollar weighting in a way more reflective of how technology funds invest," Clifford Weber, vice president for new product development at the Nasdaq-Amex Market Group, said in a statement.
This news sent Apple's stock up in early trading, but Apple fell along with much of the rest of the tech sector in afternoon trading. Apple closed at 45 3/8, a loss of 1 1/8 or 2.42%. Volume continued its trend towards lower volumes as 1,338,400 shares traded hands. The current average is 4,555,954 shares traded.
Apple's PC companions also fared poorly on news that Intel's earnings had been lowered by Donaldson Lufkin & Jenrette. IBM, Dell, Gateway 2000, and Hewlett-Packard all closed lower while Compaq managed a gain of 1 3/8.
The Dow and the Nasdaq also suffered with the Dow closing at 10721.63, down 94.35 and the Nasdaq closing at 2580.79, a loss of 49.49.
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