Apple Stock Hits 52-Week High Despite Nasdaq Downturn

Appleis stock on Friday finished the day at US$46, up 4.55% for the day despite a broader downturn in the Nasdaq, which was off 0.81% overall. Cisco and Dell both released disappointing earnings, as well as weak third quarter predictions, this week, leading a sell-off of tech stocks.

Record oil prices also hurt both the Nasdaq and the Dow. Apple, however, seemed to be buoyed by Piper Jaffrayis positive Thursday research note, which indicated that iTunes and the iPod should continue to drive a larger share of Appleis profits through the end of 2006.

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