This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Apple Soars

A rally in Apple (AAPL - Get Report) shares helped the company recover some market value it had lost during a multiday selloff in tech stocks that exposed the volatility of tech's highfliers.

Apple shares were recently trading up $15.22, nearly 10%, to $168.98. Shares are still well below their 52-week high of $191.79 reached last Tuesday before losing 20% of their value in the next four trading sessions.

Apple led a tech rally that included other tech stocks such as Google (GOOG - Get Report), VMware (VMW - Get Report) and Research In Motion (RIMM), whose shares also suffered steep losses after the rout in tech stocks that started last week.

Buyers may be stepping into the market to pick up shares that look more attractively priced. At their 52-week high, Apple shares, for example, were trading at over 38 times analysts' consensus estimate of the company's 2008 earnings per share, according to Thomson Financial. At the current share price, that ratio has fallen to the low 30s.

"Apple is going to be a battleground, and day-to-day swings can be vicious," said Darren Chervitz, research director for the $102 million Jacob Internet Fund. The fund has currently holds 16,000 Apple shares, down from 40,000 in May.

Part of the Jacob fund's decision to sell Apple shares stems from portfolio management. As the value of Apple shares surged, the fund has sold some shares to lock in profits and reduce its concentration in a single stock.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $121.30 0.00%
EBAY $28.12 0.00%
GOOG $625.61 0.00%
VMW $89.13 0.00%
YHOO $36.67 0.00%

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs