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March 24th, 2000

4:20 PM] Apple Stock Watch: Beautiful Day on Wall Street Ends Wonderful Week for Apple
by Wes George

The day started off strong for the stock markets as more new money gushed into stocks this week than at any other time in the past year. Then traders noticed the gorgeous New York spring day outside and many drifted off early for the weekend. Apple's recent intraday high of 151 dollars was left standing, at least for now.

Apple fell back 2 5/8 or 1.99%, to close at 138 11/16 on volume of 3.98 million shares. AAPL started the week at 123 dollars, after dipping as low as 114 last week, then soared to a high of over 151 dollars yesterday, and suffered a bout of short term profit taking today.

The Nasdaq gained 22 points (0.45%), after soaring 138 points in the morning, to close at 4963 on a volume of 1.6 billion shares traded. The Nasdaq climbed 160 points or 3.45% for the week.

The Dow fell 7 points, after also being up over 100 points earlier, to close at 11112 on volume of more than a billion shares. IBM was the biggest percent gainer on the Dow today. For the week, the Dow soared over 500 points or 5.00%.

The S&P 500 gained 0.11 points to close at 1527.46 for the fourth new record high close in as many days.

In Apple related businesses: Akamai gained 9 1/8 to close at 211 dollars. ARM Holding bounced 15 3/16 dollars to close at 186 1/4. Adobe climbed 1 5/8 to close at 108 3/16 dollars. Earthlink lost 5/16 to close at 21 5/8. Macromedia lost 1 7/8 to 86 1/4. Motorola gained 1 1/2 to close at 163 dollars. IBM announced it is ready to ship a chip designed for set-top boxes that turns regular TVs into Internet ready appliances. IBM climbed 6 1/4 to 121 1/2.

Apple's competitors: Hewlett Packard lost 4 7/8 to close at 142 3/8. Dell gave back 1 1/16 after the stock's recent run up, to close at 56 7/16. Intel gave back 3 9/16 to close at 139 1/16. Gateway continued south, down 1 1/16 to close at 56 1/4.

eMachines Inc. (EEEE), the PC vendor startup made famous by their iMac rip-off (currently banned by a court injunction), went public today with 20 million shares priced at $9, but unlike most high tech IPOs there were few buyers and the stock actually closed down on its first day of trading. The bottom-of-the-line PC manufacturer reported 1999 sales of $815.5 million with a loss of $84.5 million. EMachines expects more losses going forward and further litigation problems with Apple. Compaq got slapped down 1 5/16 to close at 28 9/16.

Microsoft and the Justice Department are reported to be in final settlement discussions with forth coming announcements as early as next week. Shares of Microsoft slipped 3/16 to 111 11/16.

In Economic News: Durable good orders declined more than expected in February, down -2.3%, for the largest decline since last April. Durable goods for January was also revised downward from -1.3% to -2.2%. Nevertheless, durable-good orders for February are still 7.3% stronger than February 1999.

According to the Wall Street Journal, "The declines could signal that the Federal Reserve's campaign to slow the economy may be taking root, though it's early in the game to tell. Despite five interest-rate increases since June, other economic indicators show continued economic strength, and economists continue to increase their growth forecasts."

The bellwether 30-year US Treasury bond dropped 1 7/32 to 103 17/32. The yield, which moves inversely to the price, rose to 6.00% from 5.91% on Thursday.

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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