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March 9th, 2000

[4:00 PM] Apple Stock Watch: Nasdaq Passes 5,000, Apple Finds Support At 120
by Wes George

The stock market returned to its dominant theme since October--the high tech stocks trek higher into the stratosphere, while the blue chips struggle for every inch. The Nasdaq sauntered through the 5,000 point level without looking back. Apple moved upward off the support level at $120.

Apple gained 1/4 to close at 122 1/4 on 2.4 million shares traded. AAPL is in the process of defining a level of support in the 120 dollar area, while discovering zones of resistance above 125.

Apple won the top spot in education sales for the 4th quarter of 1999, with 30.6% market share or 23.6% of the market for all of 1999. See the full Mac Observer article.

Apple posted the proxy statement for this April's annual shareholder's meeting at their web site. See the full Mac Observer article.

The Nasdaq gained 150 points (3.07%) to close at 5047 on a volume of 1.97 billion shares traded. All ships floated higher on the rising tide today. The Nasdaq only recently topped the 4,000 level on December 29th, 1999.

The Dow gained 154 points (1.54%), to close at 10010 on volume of 1.1 billion shares.

The S&P 500 rose 35.11 (2.57%) to close at 1401.81.

In Apple related businesses: Adobe traded down 15/16 to close at 78 1/8. Akamai gained 21 dollars to close at 286. ARM Holdings gained 21 1/16 to close at 237 dollars. Earthlink rose 5/16 to close at 23. Macromedia gained 2 5/8 to 89 1/2. Motorola lost 7 7/16 to close at 162 dollars.

Reuters reported that IBM plans to test a new line of web devices "consisting of 10-inch color monitors and keyboards for direct Internet access", with its telecom partners Bell Atlantic and SBC. IBM gained 1 1/4 to close at 107 1/2.

Apple's competitors: Compaq gained 1 1/8 to close at 27 9/16. Hewlett Packard gained 11 dollars to close at 151 7/8. Shares of Microsoft gained 4 7/16 to close at 100. Gateway gained lost 1/16 to 65 dollars. Shares of Intel rose by 3 7/16 to close at 118 3/8.

CNET News reported that Dell, "captured the top spots selling PCs and notebooks to medium and large businesses and also posted record growth, according to International Data Corp. (IDC). IDC defines medium-sized businesses as 100 to 499 employees." However, CNET News also reported 200,000 to 400,000 Dell notebook computers shipped last year with defective memory chips which can cause data corruption. The company is moving to contain the issue. Dell gained 3 1/2 to 50 7/16.

Economic Data in the News: The Commerce Department reported that wholesale inventories rose 0.7% in January placing inventories 13.3% higher than last year at this time. This is good news to those who fear inflation, since rising inventories indicate few of the supply constraints necessary to induce a demand side imbalance leading to higher pricing. However, the rise in inventories might merely indicate that many businesses over stocked in anticipation of Y2K.

The Wall Street Journal reported, "A key measure of how well companies are matching supply to demand -- the inventory-to-sales ratio --remained at a low 1.27, the number of months it would take to deplete supplies at the current sales rate. The last time the measure was lower was in April 1997, when it was 1.26."

The bellwether 30-year US Treasury bond traded up 1/32 to 101 6732. The yield, which moves inversely to the price, fell to 6.16%.

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 many of 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.


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