Apple taps new highs after iPod overhaul
posted on
Sep 08, 2005 10:15AM
By Michael Paige, MarketWatch
Last Update: 11:32 AM ET Sept. 8, 2005
LOS ANGELES (MarketWatch) - Technology stocks were little changed overall Thursday, although Apple Computer Inc.`s stocks climbed to touch new highs as its shakeup of its iPod digital music player line met with positive reaction on Wall Street.
In recent morning trading, the technology-laden Nasdaq Composite Index ($COMPQ: news, chart, profile) inched lower by 1.8 points, or 0.1%, to 2,170. The Philadelphia Semiconductor Index ($SOX: news, chart, profile) rose 3.3 points, or 0.7%, to 476.7.
Apple`s stock (AAPL: news, chart, profile) was a standout, gaining $1.23, or 2.5%, to $49.91 - a new high. Shares earlier climbed as high as $50.12.
Apple on Wednesday unveiled a widely anticipated mobile phone that sports iPod features and said it would replace its iPod mini.
Importantly, the maker of sleekly designed Mac computers and the wildly popular iPod music players also said it would replace the iPod mini with a sleeker new model - the iPod nano based on so-called flash memory for storage. See full story.
The phone, made by Motorola Inc. (MOT: news, chart, profile) , is capable of storing up to 100 songs and works with Apple`s iTunes service.
Motorola`s stock gained 20 cents, or 0.9%, to $22.56 after earlier touching a 52-week high.
Apple`s moves also drew attention to companies that supply components for the iPod. Among them, Synaptics Inc. saw its stock (SYNA: news, chart, profile) fall 49 cents, or 2.7%, to $17.86 amid indications Apple will tap another supplier for the iPod nano`s click wheel.