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May 24th, 2000

[4:30 PM] Apple Stock Watch: Apple Claws Its Way Back Up
by Wes George

Finally, after the Nasdaq declined 15% in the last five sessions, the beaten down tech stocks attracted bargain hunters and a rally ensued on high volume for perhaps the best day -- technically speaking -- on the Nasdaq in a month. Apple's stock stanched the bleeding, rising almost 2 bucks.

However, the damage done earlier this week remains in place and many old traders don't trust this rally to hold. Widespread fears of the Federal Reserve's power to derail the economy will be with us for months to come giving the stock markets plenty of time to erode even further. Tomorrow could be busy with the gross national product release and Alan Greenspan is speaking. Volume normally falls back as we head into the long Memorial Day weekend.

Apple bounced 1 7/8 or 2.18% to close at 87 11/16 dollars on high volume of 6 million shares.

It's hard to believe, but Apple's PE ratio is now below 21, while Dell's still hovers in the high 60's and Gateway's is 33 while Compaq's PE is 72. Surely, Apple's stock is undervalued, under appreciated and oversold.

Eastman Kodak announced today it has licensed Apple's QuickTime for future Kodak digital cameras currently in development.

The Nasdaq whipsawed up 106 points (3.35%) after falling to just 43 points above the 3000 level to closed at 3270 on volume of 2.08 billion shares. It was the heaviest volume day since April 18th. Rallies on strong volume are good. Semiconductor stocks led the way higher.

The Dow climbed 113 points (1.08%) to close at 10535 on volume of 1.1 billion shares traded.

The S&P 500 jumped 25.19 points (1.83%) to close at 1399.05.

The Mac Observer Stock Watch Virtual Portfolio is down more than 15% since March.

In Apple related businesses: Akamai lost 1 5/16 to close at 66 7/16. ARM Holdings gained 2 1/2 to close at 24 1/4. Adobe traded down 2 13/16 to close at 106 1/8. Earthlink fell 3/8 to close at 15 13/16. Motorola climbed 5 1/4 to close at 93 1/4, after yesterday's announcement that the company is bring a new type of messaging device to market. IBM gained 1 7/8 to 109 1/4.

Apple's competitors: Hewlett Packard lost 2 1/16 to close at 118 5/8. Gateway dipped 5/16 to close at 46 15/16. Compaq gain 1/4 to close at 27 1/8. Intel came back strong, up 7 1/2, after yesterday's big loss to close at 117 3/8.

Shares of Microsoft beat the heat, climbing 2 3/8 to 65 9/16. Today Judge Jackson asked the DOJ to come up with "clean version" of the plan to divided the software giant into two or even three companies. Jackson also blew off Microsoft's delay tactic, telling the company he wants to get to the finally remedy ruling quickly.

The bellwether 30-year US Treasury bond climbed 16/32 to 100 22/32. The yield, which moves inversely to the price, climbed to 6.20%.

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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