Shares of Apple Computer soared 11% Monday after a Piper Jaffray analyst pounded the table on the stock.
Analyst Gene Munster set a $100 price target on the stock — it closed Monday at $61.35 — after a survey by the firm found that 13% of iPod users were PC users who either bought or planned to buy Macs after buying an iPod.
Munster boosted 2005 and 2006 earnings estimates on the company, saying that “the remarkable satisfaction with the iPod creates a word-of-mouth wildfire that generates new customer interest in Apple products.”
The broader market rebounded Monday as the dollar and oil prices steadied.
The Nasdaq rose 14 to 2085, the S&P 500 climbed 6 to 1177, and the Dow gained 32 to 10,489. Volume declined to 1.39 billion shares on the NYSE, and 1.92 billion on the Nasdaq. Advancers led 22-10 on the NYSE, and 18-12 on the Nasdaq. Upside volume was 69% on the NYSE, and 64% on the Nasdaq. New highs-new lows were 201-10 on the NYSE, and 137-25 on the Nasdaq.
After the close, Brocade and CNT
beat estimates.
During the day, PeopleSoft edged higher as the company continued its resistance to Oracle’s
increasingly successful takeover efforts.
Google fell 3% on news that founders Larry Page and Sergey Brin, CEO Eric Schmidt and venture capital firm Kleiner Perkins filed plans to sell millions of shares of the company’s stock.
Shopping.com surged 6% after the company raised sales forecasts.
CA edged higher on reports that the company’s new CEO could be IBM
software exec John Swainson.