“Shares of Apple Computer Inc. on Wednesday jumped to a record high as investors made bets on growth in its digital music and video businesses, analysts said,” Lisa Baertlein reports for Reuters. “Shares of Apple, maker of the market-leading iPod digital music player and Macintosh Macintosh computers, closed up $2.45 to $59.95 on the Nasdaq, a gain of more than 4 percent. Apple dominates the digital music business it helped establish and its growth appears to be accelerating amid concern that industry sales are less than robust. ‘When everyone else is slowing and you’re not, it means share gains,’ American Technology Research analyst Shaw Wu told Reuters.”
Baertlein reports, “Compounding confidence was Apple‘s announcement earlier this week that its iTunes online service sold 1 million videos in less than 20 days… ‘I think the 1 million video mark in 20 days gives people comfort that video isn’t a dud — that it’s being accepted,’ said Rochdale Research analyst Daan Coster. Apple‘s PC business is also growing faster than the overall market. Analysts said the upward momentum in Apple’s stock may be a result of investor movement into names already showing good results with credible prospects of growth. ‘It’s the flight to quality. Investors want to own the names that are doing well,’ Wu said.”
Full article here.
Advertisements: The New iPod with Video. The ultimate music + video experience on the go. From $299. Free shipping.
The New iMac G5 – Built-in iSight camera and remote control with Front Row media experience. From $1299. Free shipping.
Apple Computer shares approach $60 mark, hit new all-time high in morning trading – November 02, 2005