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March 29th, 2000

[4:00 PM] Apple Stock Watch: Changing of The Guard on Wall Street? Apple Declines
by Wes George

Tech stocks got a double body slam as retail investors rushed to take profits after another warning from a tech guru that Internet stocks seems to be topping. Meanwhile, fund traders were busy locking-in recent profits just before the quarter's end. Much of those profits flowed directly to the high value companies on the Dow. They're calling it guru-itis on the floor of the NYSE. Apple ended down sharply.

According to Reuters, "emerging markets guru Mark Mobius of the Templeton Fund helped exacerbate the technology sector's losses, traders said. Mobius said recent volatility in stock prices could herald the onset of a sharp global selloff in this high-flying sector." Internet stocks ended down 6.2%.

Yesterday, Abbey Joseph Cohen of Goldman Sachs, famous tech stock bull, spooked Wall Street by announcing that she is moving 5% of her model portfolio's position in stocks to cash.

Apple lost 3 3/16 or 2.29% to close at 135 15/16 on volume of 2.1 million shares. The computer hardware sector ended down 2.4%.

The Nasdaq fell 189 points (-3.91%) to close at the day's low of 4644 on a volume of 1.7 billion shares traded. Today was the fourth consecutive down day for the Nasdaq.

The Dow soared 84 points to close at 11020 on volume of more than a billion shares. Shares of General Electric (GE) soared 8 dollars to 164 for a new high.

The S&P 500 gained 0.79 points to close at 1508.52.

In Apple related businesses: Akamai got nailed, down 29 7/8 or -15% to close at 170 dollars. Yesterday, Morgan Stanley & Co. unlocked some 2 million shares held by early investors, thus allowing them to take profit on the stock.

ARM Holding slipped 2 1/2 dollars to close at 189 5/8. Adobe gained 1/4 to close at 111 3/8 dollars. Earthlink lost 3/8 to close at 20 9/16. Macromedia lost 3 3/16 to 81 7/8. Motorola collapsed 12 dollars to close at 152. IBM lost 3 1/16 to 119 7/16.

Apple's competitors: Hewlett Packard lost 6 13/16 to close at 133 7/8. Dell gave back 2 1/16 to close at 53 13/16. Intel gave back 3 13/16 to close at 131 7/8. Gateway gained 1/16 to close at 54 11/16. Compaq got slapped down 5/16 to close at 28 1/16. Shares of Microsoft gained 2 7/8 to 107 3/16.

In Economic News: US new home sales fell 0.5% in February but January's figure was revised sharply up to 0.3% from a decline of 4.2%. New home sales are up 2.9% from last year at this time. Economists had expected bigger declines in new home sales than we have seen so far this year.

Gross Domestic Product is released on Thursday morning. Then on Friday expect personal income, personal spending, the Chicago PDI and factory orders for February to make news for the markets.

The bellwether 30-year US Treasury bond dropped 1/32 to 103 25/32. The yield, which moves inversely to the price, rose to 5.97%.

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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