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December 17th 1999

[4:10 PM] Apple Stock Watch: AAPL Is Looking Good!
by Wes George

On Wall Street it was a "feel good" day as advancing issues beat decliners, while the broader market benefited from reports that economy isn't overheating and corporate profits continue to grow. The ongoing "Santa Claus" tech rally continued to set new records fueled by better-than-expected earnings from Adobe Systems.

Apple gapped up at the opening this morning then continued to trend higher, swelling by 1 11/16 points or 1.72% to end at 100. Apple's upside momentum after the recent price decline is beginning to attract traders like flies to honey.

Chris Brown, co-manager of Pax World Fund appeared on CNBC today recommending AAPL to investors. He said Apple's new product lineup looks extremely strong in comparison to the competition and that the stock price has much upside potential left going into next year.

From a technical analyst's point of view, Apple bounced off support thursday at 91 and made a rough equivalent to a Japanese candlestick charting formation known as a "hammer", which is indicative of a short term bottom.

The Dow climbed 12 points (0.11%) to close at 11257 on record volume of 1.35 billion shares traded. Today was the first time in history the Dow has ever seen 4 consecutive days of plus billion share volume. The Dow was up only 0.3% for the week.

In a volatile 110 point trading range the Dow set a new intraday record high of 11,372 at 2:54 pm beating the old intraday high of 11,365.93 set back on August 25th before giving up most of the those gains in the last 20 minutes of the session.

Today was the once-a-quarter triple witching session when contracts on stock options, index options and index futures all expire together often causing high volumes and price volatility as traders settle their positions.

The Nasdaq gained 38 points (1.02%) to close at 3753.11 on 1.5 billion shares traded, that's a 3.6% gain for the week.

The Nasdaq is now up an astronomical 71% for the year beating the old one year gain record of 57% set in 1991. Last year the Nasdaq gained 39.6%. 40% of the Nasdaq's gain this year has accrued since October, in what is now fondly called the "Y2K market melt-up".

The S&P 500 advanced 2.27 points (0.16%) to close at 1421.05 for a gain of 0.3% for the week.

The bellwether 30-year Treasury bond was up 4/32 to close at 96 19/32, while the yield declined to 6.38% from 6.39% on Thursday. Many bond traders fear that the bond market is in danger of breaking down technically and yields could soar above 7.5% in the next 18 months.

All eyes are on Tuesday's (December 21st) Federal Reserve meeting. The street consensus is that the Fed won't change a thing as we roll into Y2K.

In Apple related businesses, Adobe announced forth quarter earnings yesterday of $ 0.46 a share, beating analysts' estimates by $0.04 a share. Adobe (ABDE) is up 3 3/4 to close at 67 1/2. Adobe received both upgrades and downgrades today.

ARM Holdings plc (ARMHY) soared 32 5/8 or 20% to close at 193 on the news that it is being added to the Financial Times Stock Exchange (FTSE) 100 Index, a listing of the top 100 largest companies in the U.K. Apple currently own a significant stake in ARM.

Macromedia lost a dollar to close 80, while Symantec gained a fraction to end at 55 5/8.

Akamai, in that strong Internet sector, was up another 10 3/4 after soared 40 5/8 yesterday on the news that they plan to get into the much hyped emergent market of delivering online applications. Akamai closed at 281 3/4, a new all time high.

Apple's Power PC partners, IBM and Motorola, went their separate ways. IBM lost 7/16 to close at 108 3/4. Motorola advanced 1 11/16 to end at 131 11/16.

The Tandy Corporation (TAN) parent of Radio Shack reported same store sales were below what they had hope sending the price per share into a 20% nosedive today from 66 to close down at 53. Perhaps they should consider carrying iMacs instead of Compaqs.

Apple's competitors were mixed, Dell was up 5/8 to close at 45 9/16. Gateway was up 1 5/8 to close at 73 5/8, but Hewlett Packard lost 1 3/8 to close at 105 1/4.

Microsoft was up 1 9/16 to close at 115 1/4. MSFT is up 22% for the week pushed forward by the Win 2000 announcement and by stock traders rotating into the large cap technology stocks this week.

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 (now up to date).


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