This Story Posted:
June 23rd, 1999

[3:38 PM]
Apple Stock Watch: Apple Falls Below US$45 Floor/Support Level

In a potentially bad signal for Apple's stock, today saw Apple close below 45 for the first time in several weeks. As this was somewhat of a "support level" meaning that there was investor interest in maintaining Apple at that level or higher, this could signal a downturn for the near-future. Apple closed at 43 11/16, a loss of 1 11/16 or 3.72%. Volume was three times higher than it has been for the last several trading sessions with 4,742,500 shares trading hands. This too indicates that Apple may have lost some crucial investor support. Apple had been trading at relatively low levels, a signal that investors were accumulating the stock. Heavy volume could indicate that the accumulation trend could be coming to an end. Most of Apple's PC brethren also took hits today with IBM, Compaq, Gateway 2000, and Hewlett-Packard all closing down. Dell managed to close up. Overall the markets were mixed. The Dow closed at 10666.86, a loss of 54.77 and the Nasdaq closed at 2598.13 a gain of 17.87. Some of today's uncertainty in the markets came from takeover rumors. Gateway is said to be considering taking over Earthlink, and Compaq is rumored to be considering selling AltaVista, the search engine portal acquired when the Beige Kings acquired Digital almost two years ago. The Mac Observer Spin: This is only one day of trading, but Apple has been losing steam for several days now. Hopefully we are simply being reactionary nay-sayers and Apple will resume its upward track tomorrow. This is not looking to be the case though. Stay tuned tomorrow. Apple