“Shares of Apple Computer Inc., which employs hundreds at a plant in Elk Grove, climbed more than 7 percent in heavy trading Friday for no apparent reason. Published reports said the reappearance of an Internet rumor that Apple and Sony Corp. would merge, combining Apple’s iPod portable music player with Sony’s portable devices, could be fueling the binge. Other speculation about the cause involved Apple’s shares breaking through the $25 level on Thursday, a price point where the stock has run into market resistance in the past,” The Sacramento Business Journal reports.
In mid-afternoon trading, Cupertino-based Apple was up $1.79, or 7.1 percent, at $26.95 on volume of more than 21 million shares, close to four times the typical trading. Nasdaq Apple Computer, Inc. quote here.
In another report, Sony isn’t even mentioned: “shares of Apple rallied… after a report in USA Today said the company’s new iPod mini digital music player has been a runaway success. The paper said the mini iPod is virtually sold-out, with nearly 100,000 snapped up since its launch two weeks ago,” Tomi Kilgore reports for CBS.MarketWatch.com.
MacDailyNews Take: And here we thought it might be yesterday’s “FedEx switching to Mac due to Windows viruses” rumor. Much speculation (in more ways than one) is currently going on, let’s wait and see…