| It seems that Wall Street is keen on the P1 based on today's stock movements. Salomon Smith Barney analyst, Richard Gardner, issued a statement saying he felt the P1 was on track for introduction at MacWorld Expo in July and Apple's stock rose over 2 points in response.
According to the Reuters's report:
"There were reports last week that Apple's new consumer portable might be delayed," said Richard Gardner, a Salomon Smith Barney analyst, in a report to clients. "We believe the new product is on track for a July 21 introduction."
Gardner also reiterated a buy rating and his $55 price target on Apple stock.
"If you are designing a whole new form factor, some delays are inevitable, but my understanding is that prototypes exist," said Lou Mazzucchelli, a Gerard Klauer Mattison & Co. "If they exist they should be able to get the bugs ironed out. I think we are going to see an announcement at MacWorld, with shipment in the fall."
Analysts had been speculating that Apple would launch the consumer portable at MacWorld in July, just ahead of the back-to-school shopping season going into September.
"If they make September they will catch part of it," Mazzucchelli said. "In fact, you can argue that anything before the end of the year, they will catch a little bit of it."
The education market is one of Apple's primary targets, but it has lacked a low-cost portable for this market since it shut down the production of the clam-shelled eMate.
In reaction to this news Apple closed at 45 3/8, a rise of 2 13/16 or 6.61%. The stock's biggest gain in several weeks and a sharp reversal from the general downward trend the stock was experiencing in recent trading sessions. Volume was also heavier than it has been recently with 3,396,300 shares trading hands.
Apple's PC competitors saw mixed results with Gateway 2000 and Dell closing down while Compaq, Hewlett-Packard, and IBM all closed up.
The Dow closed at 10815.35, a gain of 160.20 and the Nasdaq closed at 2642.11, up 39.67.
The Mac Observer Spin: Normally, higher volumes in shares traded can mean a decrease in investor confidence. Today's high volume was more likely caused from day-traders taking advantage of the fervor related to Mr. Gardner's statements as well as some investors increasing their position in Apple in anticipation of MacWorld.
Apple
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