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The Apple bounces on Broad Street
[UPDATE] Stock recovers from analyst beating after four-fold increase in profits; with thoughts of video iPods for Xmas, Wall Street reconsiders Tuesday's spanking.
The harsh reaction of analysts who trash talked Apple and traders who beat the stock down more than 5 percent in after hours trading on Tuesday has mellowed on Wall Street.
Apple Computer, which shocked a skeptical public yesterday with news of a video playing iPod that goes on sale in a week, a surprising deal with former enemy Walt Disney Co. and its ABC Television unit, and public acknowledgment that rap artist Emimen is a far better friend than foe, today slowly beat back any doubters or detractors.
After hitting an intraday high of $51.91 on Monday this week, the stock tumbled to an intraday low of $47.87 yesterday. But today, the stock is riding a rising tide, influenced likely by yesterday's news of its soon-to-be-released new iPod.
Mike McGuire of Gartner Industry Advisory Services speaking with the San Francisco Chronicle praised the pact with Disney/ABC TV: "I may not want all 15 or 16 episodes of The Sopranos, but now I can pick and choose. That's huge.''
After opening at $49.44 this morning on the Nasdaq, shares of Apple were trading up more than 6 percent to $52.21, an almost $3 climb for the day--in stark contrast the tech-heavy S&P 500 index that is currently off its morning open by 8.6 points (as are all other major indices).
Expect more news on Apple as trading continues in New York.
UPDATE: Apple closed out trading up $4.49 to $53.74, a 9.12 percent gain for the day. After hours trading has seen the stock climb an additional $.07.
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