|
|
|||
|
This Story Posted: |
|
||
|
[3:30 PM]
Prices moved higher today after a Commerce Department report that the US economy grew at a 4.3 percent annual rate in the first quarter, slightly better than the 4.1 percent estimated in May. The brisker than expected economy could stir inflation fears, but investors initially seemed to interpret the report as a boon for second-quarter corporate earnings.
Apple closed at 42 3/16, a loss of 1/8 or 0.30%. Volume also slowed today, indicating that investors may be finding new confidence in Apple. 2,613,400 shares traded hands, 2/3 the volume of yesterday and almost half the volume of Wednesday.
Apple's PC competitors were mixed with IBM and Hewlett-Packard closing up and Dell, Compaq, and Gateway 2000 all closing down.
The broader markets we also mixed with the Dow closing at 10552.56, up 17.73 and the Nasdaq closed at 2552.65, a loss of 1.34.
The Mac Observer Spin: Apple was actually trading in positive territory for a while today. Apple traded at a high of 42 11/16, a gain of 3/8, only to go back down in late afternoon trading. Still, today's trading reveals hope that Apple could go back into a holding pattern. With MacWorld Expo right around the corner, Apple could certainly resume its upward climb. There have been lots of rumors about problems with the P1 circulating, but as we get closer, those fears could well be replaced by hopes of the P1's success.
|
|||