|[4:00 PM] Apple Stock Watch: Apple Falls Below The US$60 Level In Heavy Trading
Apple fell again today in another hard day of trading. The markets traded low throughout the day as the Dow traded down 10% from it's high which is a technical indicator that a correction is in the works. Despite this, both the Dow and the Nasdaq staged last minute rallies to close only slightly down from yesterday. Apple did not share in that late rally and closed down yet again. Apple closed at 59 5/8, a loss of 1 11/16 or 2.75%. Volume continues to remain very high as another 12,625,300 shares were traded, not normally seen as a good sign when the stock falls in price. Apple average for the last 6 trading sessions is 13,641,516, a far cry from the 3 to 4 million shares seen traded on "normal" days. Apple's official average according to the Nasdaq is 5,139,954 shares.
Mac related stocks shared in the turmoil with Macromedia, Symantec, and Adobe all closing down. Motorola and IBM, makers of the PowerPC processor, both closed higher. On the PC front, stocks were mixed. Dell, Intel, and Hewlett-Packard closed lower while Microsoft, Gateway 2000, and Compaq closed higher.
The Dow and the Nasdaq both ended the day in negative territory. The Dow closed at 10275.53, a loss of 27.86 0.27%, while the Nasdaq closed at 2756.25, down 5.50.
For full quotes on all the companies mentioned in this article, we have assembled this set of quotes at Yahoo! for your reference. We also have these same quotes reported live (20 minute delay) on our home page. For other stories regarding Apple's stock activity, visit our Apple Stock Watch Special Report.
The Mac Observer Spin: This is somewhat disturbing to see Apple's stock fall below the US$60 level. With the overall analyst mood remaining positive, and with Apple's effort to buy back US$500 million of their own stock, a support level was expected to appear. Instead, Apple has fallen steadily for the last two weeks.
Perhaps Apple's announcement of the new iMac will help propel Apple back up. Apple definitely needs some sort of announcement to recapture the heart of Wall Street, because it seems as if the Street's newfound love for Apple may be dissipating. Let's hope that we are wrong on this one. :-)