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April 6th, 2000

[4:00 PM] Apple Stock Watch: The Market Rally Putters Higher, Apple Left Behind
by Wes George

One might think that the big story today would be money shifting towards stocks expected to beat earnings, such as Apple. But instead we saw more "irrational exuberance" as investors piled back into biotechs and other high risk stocks. However, low volume on the Nasdaq told a bigger story, many shaken investors are sitting on the sidelines ahead of tomorrow morning's unemployment report.

Apple lost 5 3/16 or -3.98%, to close at 125 3/16 on volume of 2.3 million shares.

Saudi Prince Alwaleed bin Talal, a long time Apple investor, recently bought $1 billion in technology stocks. According to a Reuters report the billionaire oil shiek was bragging about his street smarts, "I bought Apple at $18...and now it's around 140." Thanks for the hot tip, shiek. Today, the shiek is buying AOL, Compaq and Xerox, presumably he rates AAPL a hold.

The Nasdaq gained 98 points (2.36%), to close at 4267 on a volume of 1.7 billion shares traded. Biotech stocks climb on news from Celera Genomics (CRA) that the company has finished sequencing the human genome. Internet stocks climbed 5.0%.

The Dow gained 80 points (0.73%) to close at 11114 on volume of 1 billion shares in a quiet day of broadening breath.

The S&P 500 gained 13.97 points (0.94%) to close at 1501.34.

In Apple related businesses: Akamai gained 25 1/8 to close at 135 1/8. ARM Holding rose 10 to close at 180. Adobe climbed 7 7/16 to close at 114 5/8. Earthlink gained 9/16 to close at 17 5/16. Macromedia gained 7 11/16 to 76 13/16. Motorola lost 2 1/4 to close at 144 3/4. IBM lost 1 7/8 to 123 1/8, after setting a new high intraday.

Apple's competitors: Hewlett Packard climbed 6 to close at 148 dollars. Dell fell 2 3/8 to close at 51 9/16. Intel lost 1/16 to close at 129 13/16. Gateway lost 1 1/16 to close at 55 15/16 dollars. Compaq climbed 1 7/16 to close at 29 5/16. Shares of Microsoft fell 3/8 to 86 dollars.

In Economic News: The big news in the morning is March's unemployment numbers, the market is expected to be watching for any sign of tightening in the labor market which could influence the Fed's decision to raise interest rates at the next meeting of the FOMC in May.

Tomorrow's employment report probably held back some buyers today. The Bureau of Labor report could come in higher than the 400,000 new jobs increase expected and certainly much higher than the 43,000 new jobs for February.The unemployment rate could drop as low as 3.9% in March, which would be the lowest rate since the 1970's.

The bellwether 30-year US Treasury bond lost 9/32 to 106 11/32. The yield, which moves inversely to the price, climbed to 5.80%.

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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