Apple, eBay stocks rise as Dow goes on wild ride
Apple and eBay were two notable stocks to swim against the tide Friday, staying in positive territory throughout the mid-morning through the market's close. Meanwhile investors watched the Dow Jones Industrial Average take one of its most harrowing rides ever.
As the Dow whiplashed investors with its swings that ranged more than 1,000 points during the day, Apple and eBay took investors on an upward path.
Apple intraday trading
(Credit: Yahoo Finance)Apple closed up 9.08 percent from Thursday, ending the day at $96.80 a share. It gained most of its traction in the final hour of the trading session and was one of the most actively traded stocks on the Nasdaq.
eBay, meanwhile, initially struggled to stay in positive territory, but succeeded and ended the day up 4.82 percent to close at $16.73 a share. The online auction giant was also one of the most actively traded stocks on the Nasdaq.
eBay intraday trading
(Credit: Yahoo Finance)The CNET Tech Index also ended up for the day, climbing 19.05 points, or 1.67 percent, to close at 1158.14. The tech-heavy Nasdaq squeaked by with a nominal gain of 4.39 points, or 0.27 percent, to end the day at 1,649.51.
For the Dow, after its wild ride, it closed down 128 points, or 1.49 percent, to 8,451.19.
Market watchers attributed the Dow's wild swings in the final hours of trading to a meeting of the Group of Seven nations (G7), which met in Washington to attempt to develop a solution to the credit crunch, according to a report in MarketWatch.
Dow Jones Industrial Average intraday trading
(Credit: Yahoo Finance)The S&P 500 also closed down for the day, with a 10.70 point drop, or 1.18 percent, to 899.22.
(Credit: Susan Dove/ CNET News)
Dawn Kawamoto covers enterprise security and financial news relating to technology for CNET News. E-mail Dawn.
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That almost always happens. Apple could announce an iPhone selling for $29.99 with a user replaceable battery (four AA), Flash, an FM tuner, fold out full keyboard, a holographic display, runs on any cell network with no contract required, and some investors would be disappointed because it is only available in 9 case colors.
If consumers are confident about their jobs and the economy, then they'll buy fancy-dancy gadgets like iPhones and MacBooks. Thus, the downturn doesn't bode well for Apple .... unless, they can enter the $800 laptop market. If there's ever been a time for Apple to enter into this low/mid range market ... it's now.
It's hard to say if the economic circumstances will force Apple to do this or not. If they do, I fear that this will be the last nail in the coffin for the old "Little-Underdog-Apple" Once they make this move, they won't be able to go back.
the diff? The Mac won't become some script kiddie's b!tch, nor would it contain the grey-market, under-spec, and/or mis-matched parts, like the Dells and HP's are wont to have.
Personally, AAPL was a great bargain yesterday (and even better the day before). There will likely be some massive profit-taking (depending on how many buyers went long today), but AAPL will probably settle back to a more gentle upward climb once the market at large stops shaking like crazy.
Long-term? This week was a great week to pick up some damned fine bargains.
eBay? Dunno - that one puzzles me too, but I'm thinking that the auction site, while declining, may have PayPal become the core of its biz instead of the auction site, and some folks are likely seeing this as the company's future, and are cozy with it. Not that it's the right call (damned if I know WRT eBay), but it makes sense in some quarters, I believe.
/P
Which stock is better performing?
If you're NOT in penguin lala-land, that is. ;-)
Hmm, AAPL is down -50% this year. MSFT down -37% this year.
Which stock is better performing?
If you're NOT in penguin lala-land, that is. ;-)"
On market closing today:
Apple $96.80
MicroSoft $21.50