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July 6th, 2000

[4:30 PM] Apple Stock Watch: Tech Stocks Rebound, AAPL Consolidates
by Wes George

Tech stocks made a decent come back after yesterday's rout while the old economy on the Dow struggled. However, not all tech stocks moved higher, Apple ended in positive territory by only 3/16.

This is the dreary profit warnings period just before what should be a strong earnings season. Tomorrow morning the employment data could be a market mover.

New factory orders in the US were up 4.1% in May, on continued strong demand for electronics and electrical equipment, scoring the biggest single month increase since 1992.

The Wall Street Journal commented, "Thursday's report supports the argument made by some economists that the Federal Reserve should resume its campaign of lifting interest rates to keep the US economy in check. The Fed raised its key funds rate six times in the last year. In June, however, its policy makers left the rate unchanged at 6.5%, citing 'tentative and preliminary' signs of a slowdown."

Apple climbed only 3/16 to close at 51 13/16 on above average volume of 5.5 million shares. AAPL started the day with an extension of yesterday's sell-off, by early afternoon AAPL touched 49 5/8, and then began to comeback jumping more than a dollar in the last half hour of trading.

The Nasdaq climbed 97 points (2.52%) to closed at the day's high of 3960 on volume of 1.4 billion shares. Semiconductor stocks led the way back after yesterday's downgrade by Salomon.

The Dow fell 2 points to close at 10481 on volume of 947 million shares. US retailers such as Wal-Mart Stores and Kmart reported weak sales in June indicating that higher interest rates may be cutting into consumers' appetite for extending their credit debt further.

The S&P 500 climbed 10.44 points (0.72%) to close at 1456.67.

In Apple related businesses: Akamai fell 4 1/2 to 110 11/16. Adobe traded up 7 1/4 to close at 134 15/16, a new 52-week high. Earthlink climbed 1/16 to close at 14 13/16. Motorola climbed 1 7/8 to close at 31 7/8.

IBM shed 3 15/16 to 101 1/16. IBM announced an alliance with Compaq to standardize their storage area network equipment (SAN) for compatibility. The two companies will also market each other's storage products. IBM's stock continues to take heat as forecasts for main frame computer sales sink. Bear Stearns lowered its estimates for IBM's 2nd quarter earnings per share to $0.97 per share from $1.02.

Apple's competitors: Hewlett Packard lost 1 5/16 to close at 118 5/16. Gateway was off by 3/4 to 56 11/16. Compaq fell 1/4 to 24 3/4. Shares of Microsoft were up by 2 7/16 to 80 15/16. Intel climbed 4 15/16 to close at 136 9/16.

The Mac Observer Stock Watch Virtual Portfolio was lower today on weakness in IBM, Lucent and Akamai.

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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