To: Scrapps who wrote (17082 ) 8/17/1998 6:56:00 PM From: Glenn D. Rudolph Read Replies (3) | Respond to of 22053
Appleshares jump after iMac retail launch Reuters Story - August 17, 1998 15:53 %DPR %ENT %US %HOT %RCH AAPL V%REUTER P%RTR SAN FRANCISCO, Aug 17 (Reuters) - Shares of Apple Computer Inc jumped to a nearly three-year high after the company's new consumer iMac was seen as a big success following its initial launch in retailers this weekend. The much-hyped sleek, translucent iMac consumer personal computer priced at $1,299 went on sale on Saturday, with some stores opening at midnight Friday night. "From talking to resellers, it looks very positive," said a spokeswoman for the Cupertino, Calif.-based computer maker. "I just don't have any definitives yet." Apple said last week it had orders for over 150,000 units. Apple's shares jumped 1-13/16 to 42-05/16, a high its once- downtrodden stock has not seen in nearly three years. "This was beyond our wildest dreams," said Paul Ramirez, vice president of marketing at ComputerWare, a chain of 10 Apple-specific stores in the San Francisco Bay Area. Ramirez said ComputerWare, which started selling iMacs at midnight Friday, sold 225 units from midnight to 2 am Pacific Time. "Saturday exceeded our best day in history by 60 percent... It's Christmas, plus 60 percent in August...That is totally insane," Ramirez said. Apple said about 25 Apple speciality retailers took part in the "Midnight Madness" across the U.S. for the iMac launch, not including regional retailers. While the launch was certainly no Windows 95, some retailers were calling the launch one of the most successful Apple product launches in years. Ramirez said that over the entire weekend, ComputerWare sold well over 600 units, including pre-paid backorders. He said that ComputerWare is working with an industry analyst to poll the first 500 customers, to determine how sales are split between current Mac owners or to new users. Apple said last week it would be spending $100 million on a major advertising blitz through the end of December, including prime time television ads which began running last night. Wall Street is counting on sales from the iMac, Apple's long-awaited re-entry into the consumer market, to boost its sluggish revenue growth and dwindling PC market share.