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June 7th, 2000

[5:00 PM] Apple Stock Watch: Summer Rally Stalls, AAPL Climbs
by Wes George

With no major economic news and the Microsoft judgment the main talk of the day, Wall Street started the morning in neutral then shifted into rally mode when positive words from Goldman Sachs about IBM's top line growth sent most computer related stocks higher. Apple's stock perked up amid good news from the JavaOne conference and the announcement yesterday that Apple is the leader in US and Worldwide education sales.

The producer price index (PPI), a broad measure of inflation at the wholesale level, is the next piece of the economic puzzle that could move the markets, due out on Friday morning. And in San Francisco, a Federal Reserve president, Robert Parry said in a speech to a group of bankers the next few weeks of economic data will not be enough to convince the Federal Reserve the danger of inflation is past. Some traders on the street fear Parry's remarks will lead to a down turn for the markets tomorrow.

Judge Jackson ruled this afternoon to divide Microsoft into two companies, read all about it in The Mac Observer full story.

Apple climbed 3 11/16 or 3.97%, to close at 96 6/16 on below average volume of 3 million shares.

Yesterday, Scott McNealy, CEO of Sun Microsystems, danced and sang at the JavaOne conference in San Francisco to thrill the keynote address audience. But what was most thrilling to Mac users was Sun's new commitment to make Java work better on Mac OS X than it currently does on OS 9.

Steve Jobs, who was apparently at the Java One Conference said, "Some of you have not been thrilled with Java on the Mac. Sun and Apple haven't really worked that close together on Java in the past. We want to bring Java back to the desktop in a really big way." Jobs promised, "We're working hard to make Macintosh the best Java delivery vehicle on the planet."

The Nasdaq rallied 82 points (2.20%) to closed near the day's high at 3839 on volume of 1.4 billion shares traded.

The Dow gained 77 points (0.72%) to close at 10812 on weak volume of 843 million shares.

The S&P 500 gained 13.52 points (0.93%) to close at 1471.36.

The Mac Observer Stock Watch Virtual Portfolio popped with IBM and Apple on a roll.

In Apple related businesses: Akamai gave back 2 1/16 to close at 85 1/2. Wedbush Morgan started coverage of Akamai with a buy rating today. The web content streaming company also announced an important deal with a group of telecoms to collaborate in delivering multimedia business conference calls over the web.

ARM Holdings gained 1 1/2 to close at 33 1/16. Adobe continued down after yesterday's trouncing to close at 114 5/16. Earthlink fell 1/4 to close at 17 15/16. Macromedia jumped 5 5/8 to 99 5/16. Motorola gained 1/8 to close at 37 3/8.

IBM soared 8 5/8 to close 121 dollars. Goldman Sachs analyst, Laura Conigliaro said there is "multiple points of evidence that IBM is improving" its top line growth going forward. Separately, the Wall Street Journal ran a front page article highlight IBM's B2B venture with seven other firms to establish "a joint e-commerce marketplace where they and their customers can trade in a wide range of products and components." The new venture, called expects to carry out more than $1 billion worth of transactions in the first year of operations.

Apple's competitors: Hewlett Packard climbed 4 9/16 to close at 122 9/16. Gateway climbed 1 11/16 to close at 54 1/2. Compaq lost 13/16 to close at 27 1/16. Intel 5/8 to close at 128 15/16.

Microsoft rose 7/8 to 70 1/2. To add to Microsoft's list of woes, cofounder Paul Allen is liquidating shares of MSFT. A Reuters' article claims a "SEC filing showed he sold a total of 28,585,000 shares between March 1-May 30 for more than $2.5 billion. The biggest one-day sale in that period came on March 6 when he unloaded 6.46 million shares for more than $594 million." And now he's filed to sell 2 million more shares.

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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