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Technology Stocks : Apple Inc.

AAPL 273.67

+0.5%

Dec 19 9:30 AM EST

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To: Sam Scrutchins who wrote (21526)	12/31/1998 9:13:00 AM
From: Andrew Danielson	Read Replies (1) of 213177

Sam, RE: <<Please don't hold us in suspense.>> I think that the run-up we've had from 32 to 40 and change is a direct, singular result of the iMac sales report. As I said before, with the PE's we were trading at with the stock at 32, investors were well on their way to discounting an earnings warning from AAPL. Basically, investors had bought into the idea that iMac sales were flagging. So when the sales report came out and refuted this notion of flagging sales, AAPL began a process of "undoing the discount." This reason is in direct contrast to the notion that the stock is rising in part because of the upcoming MWSF, with short-time investors jumping in for some speculative froth. If that's going to happen this time around, I don't think it has happened on a large scale yet. Therefore, I don't believe the no-portable announcement will result in a significant down day today for AAPL. It could limit the speculative froth over the coming days, however. . .

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