Investors were looking on the bright side for a change on Thursday.
Shares of Apple
surged 5% after the company delayed worldwide availability of its iPod mini from April to July.
The reason? The company vastly underestimated U.S. demand for the product, which the company says has “far exceed[ed] the total planned supply through the end of June.”
That could mean good things for Apple’s first-quarter earnings, and it also means that Apple priced the mini just right, despite initial concerns that it was priced too high.
Apple said it will ramp up its manufacturing of the iPod mini to meet worldwide demand in the July quarter.
The broader market soared Thursday, as investors shook off inflation and terrorism fears to send the market sharply higher.
The Nasdaq soared 57 to 1967, the S&P 500 gained 17 to 1109, and the Dow surged 170 to 10,218. Volume declined to 1.48 billion shares on the NYSE, but rose to 1.97 billion on the Nasdaq. Advancers led 23-9 on the NYSE, and 23-8 on the Nasdaq. Upside volume was 85% on the NYSE, and 93% on the Nasdaq. New highs-new lows were 102-9 on the NYSE, and 65-16 on the Nasdaq.
gained 3% as traders continued to digest the EU antitrust ruling.
slipped after missing estimates, but Lattice Semi
edged higher on its results.
gained 5% on an acquisition.
climbed 6% on an acquisition, and Activision
surged 11% after raising guidance.
soared 27% on news that it will be acquired by Convergys
rose 8% on a deal with NEC.
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