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Investors eat up Apple
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October 14, 1999: 10:25 a.m. ET
PC maker's stock jumps 12% after it beats lowered profit expectations
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NEW YORK (CNNfn) - Investors devoured Apple Computer shares in early trading Thursday, with the stock leaping 12 percent a day after the computer maker beat Wall Street's lowered fiscal fourth-quarter profit estimate.
Apple (AAPL) rallied 7-25/32 to 71-13/16, with 6.1 million shares changing hands. The stock fell 3-21/32 Wednesday.
Delays in receiving computer chips made by Motorola (MOT) led Apple to say last month that its earnings would fall short of expectations. Analysts then cut their forecast to a consensus of 45 cents a share for operating income; Apple reported 51 cents Wednesday.
However, Apple said sales in the upcoming and critical Christmas season aren't likely to suffer as a result of the parts shortage. And the company also said it has lined up IBM (IBM) to supply chips.
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Apple
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