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February 24th, 2000

[4:00 PM] Apple Stock Watch: Dow Tests 10,000 While Apple Slips Off Recent High
by Wes George

Another hair raising day in the stock market. Apple swung as high as $119 and as low as $111 3/4. The Dow dipped well below 10,000 intraday for the first time since October, but ended the session above that psychologically important mark.

Apple lost 1 3/64 or 0.90% to close at 115 13/64 on 3.35 million shares traded.

CBS Market Watch reported today, "Digital Island is expected to announce a deal with Apple computer to deploy Apple's QuickTime streaming media format on most of Digital Island's servers. The deal gives Digital Island another streaming media format to offer its 200 clients. Digital Island currently supports RealNetworks and Microsoft's streaming media formats."

The Nasdaq gained 66 points (1.46%) to close at 4616 with volume at 1.9 billion shares traded for a new high. Internet and biotech indices hit new highs.

The Dow lost 131 points (1.29%), to close at 10093 on volume of 1.16 billion. 10,000 is a support level for the Dow and many technical analysts believe if that level breaks down the Dow will move lower to the next support level at 9500.

The S&P 500 slipped 7.46 (0.55%) to close at 1353.23.

In Apple related businesses: Adobe was up 6 3/4 to close at 106 3/8. Akamai gained 22 3/4 to close at 274 13/16. ARM Holdings gained 13 dollars to close at 218. IBM gained 2 1/8 to close at 110 7/8 dollars. Shares of Earthlink gave back 2 3/8 to close at 23 1/2. Macromedia gained 7 1/2 to 84. Motorola climbed 3 1/2 to close at 164 1/4.

Apple's competitors: Compaq gained 3/4 to close at 25 15/16. Intel gained 5 3/16 to close at 114 1/4. Dell gained a dollar to 42 3/8. Hewlett Packard lost 1 1/4 to close at 129 1/2. Shares of Microsoft gained 1/2 to close at 94 3/4 dollars. Gateway gained 5 1/2 to 73 1/4.

In other news: Durable goods orders (appliances that last for 3 or more years) fell by 1.3% last month for the first decline since October. Economist's had expected a decline of 2.0%, so the number was a bit disappointing for those looking for signs of a slowing economy. Durable goods orders soared by 6.3% in December, the biggest gain in seven years and January orders were still 6.5% above a year ago.

The Wall Street Journal reported,"Orders for electronic and other electrical equipment, including semiconductors, circuit boards, telecommunications equipment and home appliances, fell by 13.2% last month, the largest decrease since July 1997. In December, orders in the category rose by 5.5%."

Tomorrow morning look for the all important gross domestic product for 1999, projected to come in at 6.0%. The existing home sales data are released later in the morning.

The bellwether 30-year US Treasury bond traded down 4/32 to 101 18/32. The yield, which moves inversely to the price, rose to 6.13% from Wednesday's 6.12%.

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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