CNBC just mentioned that Apple was running at a 90-day high, 26.46 per share as of this writing, so we went digging. AAPL is actually selling at a 7 month high. It was 7 months ago, almost to the day, that Appleis stock sank by more than 50% (from 53.50 to 25.75) in one day, after the company warned that their fiscal 4th quarter was going to come in far under expectations. That day was September 28th, 2000.
Appleis stock has traded as low as 14 (adjusted down from 14 1/16) since that time, but has largely traded in the low 20is for most of the last seven months. AAPL closed at 26.20 on Friday, the first time the stock has closed over 26 since September 28th. On October 2nd, the stock traded as high as 26.75, but closed at 24.25.
Apple was the first PC company to be hit by a sales slowdown last year, but it was also the first company to recognize, and more importantly to act on that recognition, the coming industry-wide slowdown and prepare accordingly. In a rare show of intelligence from Wall Street when it comes to Apple, the stock has actually been rewarded for the companyis actions, especially since the beginning of 2001. Since the rolling of the new year, Appleis stock has risen some 79%, outperforming the Nasdaq, the S&P, and all other PC manufacturers during the same time.
We will have a full report on todayis markets in the Apple Stock Watch, after the markets close.
For full quotes on all the companies mentioned in this article, we have assembled this set of quotes at Yahoo! for your reference. For other stories regarding Appleis stock activity, visit our updated Apple Stock Watch Special Report. You can also check out our Apple Financial Boards, a new moderated forum for Apple Investors and people who are interested in Appleis financial dealings.