Hot on the heels of a profit warning from Intel, tech stocks shot up, pushing shares in Apple Inc. along for the ride. The tech-heavy NASDAQ also rose, closing at 1,596.70, a gain of 97.49 (+6.50%). Intel closed at 14.43, up 0.91 (+6.73%), while Apple closed at 96.44, a gain of 6.32 (+7.01%) on heavy volume.
Late on Wednesday, Intel warned that it expected revenue for the December quarter to come in substantially lower than previously forecast, an event that pushed stocks lower in early Thursday trading, but the markets shrugged it off and tech stocks shot up in a broad rally late in the Thursday trading session.
Shares in Apple traded as low as $88 per share during the morningis bear session, but the rally pushed it firmly back into winneris territory.
Speaking of Dell, shares in the toaster maker fell to end the day at 10.27, a loss of 0.23 (-2.19%). Dellis market cap ended the day at $20.1 Billion. For the sake of comparison, Appleis market cap ended the day at $85.7 Billion.
It seems like only yesterday (it was October of 1997) that Michael Dell pronounced Apple a pointless endeavor, encouraging the board of directors to close up shop, sell off company assets, and give shareholders the money.
*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.