Apple Computer shares hit all-time high amid broad tech selloff, fueled by Google iTunes rumors

“Shares of Apple Computer (AAPL) set an all-time high on Friday following a disappointing report from Dell (DELL) and amid rumors about a major new partnership,” Troy Wolverton reports for TheStreet.com. “According to market chatter, Apple is set to announce a deal with Google (GOOG) calling for Google to offer Apple’s iTunes music store through its own site. The rumored deal would pair the nation’s leading online music store with its leading search engine.”

Wolverton reports, “There’s “speculation of an iTunes launch,” says Paul Foster, an options strategist at Theflyonthewall.com. ‘Google is going to offer iTunes somehow on their platform,’ according to the rumor, he says. Apple spokesman Steve Dowling said the company doesn’t comment on ‘rumors and speculation.’ A Google representative did not immediately respond to requests for comment… ‘Some investors seem be rotating out of Dell into Apple,’ says Foster. ‘Investors kind of have the attitude that Dell’s weakness is Apple’s strength.'”

Full article here.

“Apple (AAPL) rose $2.10, or 4.8%, to close at $46.10 on volume of more than 32 million shares exchanged. By contrast, Dell Inc. (DELL) fell $3.08, or almost 8%, to $36.50 after giving a tepid sales outlook on Thursday,” Rex Crum reports for MarketWatch. “Art Hogan, chief market strategist at Jefferies & Co., said Apple has recently seen strong unit sales and pricing, while Dell’s said prices were weak in its most-recent quarter sales even though unit sales were strong. Gene Munster, an analyst with Piper Jaffray, wrote in a research note that while the iPod music player continues to put the spotlight on Apple, he anticipates the iPod will drive more sales of Apple’s personal-computer line.”

Full article here.
How’s that crow taste, Troy? Our advice for Mikey Dell: Shut it down and give the money back to the shareholders.

Related MacDailyNews articles:
Market strategist: Dell’s poor quarterly showing shouldn’t hurt Apple Computer – August 12, 2005
The Street’s Wolverton’s laugher: ‘Apple delivers mixed bag’ – July 13, 2005
Apple smashes street with record revenue, earnings; shipped 6.155 million iPods – July 13, 2005
The Street: the time may be ripe for Apple to get back to the Mac – July 13, 2005
TheStreet.com dubiously concludes that iPod demand has slowed, could impact Apple earnings – July 06, 2005

29 Comments

  1. Google iTunes? Eh, I’m behind Apple 100% but that sounds like it’d be a web-based download service instead of the client-server app we know and love. It just sounds messier. Wouldn’t you need iTunes to organize your downloads anyway? Then why bother with the web-based store?

  2. Pairing iTMS w/Google is BIG STUFF. It makes Apple just that much more of a powerhouse to those PC sheep. You know, the people that think anything Apple sucks because they’ve been told that from their techy friend who is a closet asshole.

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