Apple closed higher another 39 cents today in what is being described as a Bull Rush on Wall Street. The company gained 2.77% amidst a trading day that parted the sea of flowing red stock losses across the technology boards like some digital Moses. All of the stocks we track at The Mac Observer ended the day higher.
IBM helped lead the charge as Lehman Brothersi Dan Niles issued comments on the company saying he expected to see IBM benefit from an uptick in technology spending in 2003. The companyis stock closed at 63.10, up 5.52 (+9.59%). From a report at TheStreet.com:
Niles says he singled out IBM because he thinks it has the best product portfolio of computer hardware outfits. With its strong services business -- recently bolstered by the acquisition of PwC Consulting -- the company should be well-positioned to add on business when spending picks up a little.
To be sure, Niles is still no cheerleader about the prospects for IT spending growth. He predicts overall spending will increase by only 1% or 2% in 2003. But against that backdrop, he thinks IBM can post sales growth of 4% on the strength of market-share gains.
General Electric also helped kick in the buying by restating its current quarter estimates, a sign taken by investors that the economy may be improving. (See a related CBS Marketwatch report for more information)
This helped boost investor confidence, even in the face of a report showing consumer confidence was at a 9-year low. With so many stocks beaten down in a damp and bloody mess from months of losing trading days, the bargain hunters at last showed their faces to scoop up just about everything in sight.
The result was that the Dow Jones Industrial Average climbed 316.34 (+4.20%) to 7,850.29. The S&P 500 Index jumped 31.40 (+3.91%) to close at 835.32, and the NASDAQ Composite Index moved higher by 47.10 (+4.05%) to close at 1,210.47. Apple also posted gains, closing at 14.51, a gain of 0.391 (+2.77%), on moderate volume.
Apple posted new promotional offers today, in a move to boost sales for the December quarter. The company is offering a Double Your Memory offer (double the base memory on a new Mac for US$40), Power Couple (a rebate when you purchase a new PowerMac or PowerBook with a new Display, and Lights, Camera, Action! (instant rebates on new digital cameras and digital video cameras purchased through the Apple Store). See the above links for more information on the promos.