Blue chips stocks were the clear winners of the day as investors moved into well-known stocks in response to weekend news reports that international approval of US military action in Iraq has become more likely.
The tech-heavy NASDAQ Composite Index continues to flounder without clear guidance from executives in the technology sector as to when the much-anticipated rebound in industry growth might begin to take place. The NASDAQ Composite Index broke with the Dow on Monday, falling more than one percent while the blue chip index recorded a modest gain.
In Monday trading the Dow Jones Industrial Average finished up 67.49 at 8,380.18. The S&P 500 Index moved higher 1.29 points to close at 891.10. The NASDAQ Composite Index was off 15.52 at 1,275.88. Apple closed up $.33 at $14.50.
After the close of trading in New York it was reported that Iraq has formally notified the UN that the countryis political leaders will allow the return of arms inspectors without conditions. The veracity of Iraqis public statements that the country will unconditionally accept the return of UN arms inspectors and the response to this announcement from the Bush Administration may have a significant impact on Tuesday trading.
Adobe Systems
Adobe jumped almost two dollars per share on Friday after reporting healthy earnings growth, beating the companyis previously lowered forecasts for the three-month period. For the quarter ending in November, Adobe is expecting significant year-over-year revenue and earnings growth due to the pending release of an upgrade to its popular Acrobat product. On Monday Adobe finished off $.57 at $20.20.
Apple
According to an interesting report in eWeek, Apple has indeed ended development work on OS 9 and has recently reorganized its OS division. In the reorganization employees formerly assigned to OS 9 development have been moved to OS X development and assigned to other project areas inside the company such as Appleis PowerSchool division.
More evidence that Apple is making headway in the business market has come in the form of positive press coverage of Appleis Unix-based OS X in publications and columns usually devoted to coverage of Windows or Linux. TMO reports on unusual praise for Mac OS X from what might be described as an unlikely source.
The American Stock Exchange is now trading Apple and about forty other NASDAQ listed stocks. According to a press release from the Exchange, officials are planning to offer trading in 120 of the best known and most actively traded NASDAQ stocks by the end of next month.
The American Stock Exchange has suffered in the shadows of the New York Stock Exchange, which is home to most of the largest publicly traded companies and the NASDAQ, which is the haven for many of the tech giants incorporated in the 70is, 80is and 90is. Apple will remain a NASDAQ listed security, but the companyis shares will be traded on the American Stock Exchange floor.
Gateway
In response to speculation on the Street that the company is up for sale, executives at the beleaguered PC maker have publicly stated that the company will continue with its current capital structure. The financially troubled company is more than thirty percent owned by founder and CEO Ted Waitt. Despite the fact that aggressive hedge funds have been acquiring the stock ahead of a buyout, a sale of the company is virtually impossible without Mr. Waittis support.
On Monday Gateway named a new CFO while falling to a new 52-week low in intra-day trading.
Check out the new and vastly improved Apple Finance Boards, a moderated forum for Apple Investors and people who are interested in Appleis financial dealings!
For full quotes on all the companies mentioned in this article, we have assembled a set of stock quotes at Yahoo! for your reference. For other stories regarding Appleis stock activity, visit our updated Apple Stock Watch Special Report.