Apple Stock Jumps After iMac Retail Launch
10:07 a.m. Aug 18, 1998 Eastern
By Therese Poletti
SAN FRANCISCO (Reuters) - Shares of Apple Computer Inc.
jumped to a nearly three-year high after the company's new iMac
consumer personal computer was seen as a big success after its
retail launch this weekend.
The sleek, translucent turquoise-and ice-colored iMac 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 Tami
Begasse, a spokeswoman for the Cupertino, Calif.-based
computer maker. ``I just don't have any definitives yet.''
Apple said last week it had advance orders for more than
150,000 units, the most pre-orders ever for an Apple product.
Apple's shares jumped $1.44 to $41.94 on Nasdaq after earlier
rising as high as $42.81 -- a point its once- downtrodden stock
has not seen in nearly three years.
Another boon for the company's shares came in the form of a
U.S. Securities and Exchange Commission filing by FMR Corp.
The Boston-based mutual funds company disclosed in a 13G
filing that it owned a 12.2 percent stake in Apple. A 13G filing is
usually made by institutions and investors with passive
investment objectives.
Apple's shares were among the top 10 most active on the
Nasdaq stock market, with more than eight million shares
changing hands.
``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 and sold 225 iMacs between midnight and 2
a.m.
``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 specialty retailers took part in the
``Midnight Madness'' across the United States for the iMac
launch, not including regional retailers.
While the launch was certainly no match for the hype
surrounding that of Microsoft Corp.'s Windows 95 operating
software, some retailers were calling it one of the most
successful Apple product launches in years.
``The whole weekend was great,'' said Tony Violanti, vice
president of retail sales at ComputerTown, a five store chain
with stores in New England and Arizona. ``It was the best in
pre- orders we have ever had for any Apple product...We had a
lot of first time customers.''
Ramirez said that over the entire weekend, ComputerWare sold
well over 600 iMacs, including pre-paid back orders.
He said ComputerWare was 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.
``I would say it's a successful launch,'' said Lou Mazzucchelli,
a Gerard Klauer Mattison & Co. analyst. ``Every store that I've
seen a report of, or some of the stores I was in this weekend,
were all sold out before noon...The interesting thing is...the
demographics were great.''
Mazzucchelli said some very early anecdotal evidence suggests
that Apple's ad campaign, which is focusing on the simplicity
and quick access to the Internet, is drawing new users and PC
users, not just the Macintosh faithful user.
Apple said last week it would spend $100 million on a major
advertising blitz through the end of December, including prime
time television ads that 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.
--"All human beings are aware of the same truth. The difference is in the way that we distort it." - Woody Allen, Deconstructing Harry
<> tbyars@earthlink.net <> --============_-1308667757==_ma============ Content-Type: text/enriched; charset="us-ascii"
Apple Stock Jumps After iMac Retail Launch
10:07 a.m. Aug 18, 1998 Eastern
By Therese Poletti
SAN FRANCISCO (Reuters) - Shares of Apple Computer Inc.
jumped to a nearly three-year high after the company's new iMac
consumer personal computer was seen as a big success after its
retail launch this weekend.
The sleek, translucent turquoise-and ice-colored iMac 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 Tami
Begasse, a spokeswoman for the Cupertino, Calif.-based
computer maker. ``I just don't have any definitives yet.''
Apple said last week it had advance orders for more than
150,000 units, the most pre-orders ever for an Apple product.
Apple's shares jumped $1.44 to $41.94 on Nasdaq after earlier
rising as high as $42.81 -- a point its once- downtrodden stock
has not seen in nearly three years.
Another boon for the company's shares came in the form of a
U.S. Securities and Exchange Commission filing by FMR Corp.
The Boston-based mutual funds company disclosed in a 13G
filing that it owned a 12.2 percent stake in Apple. A 13G filing is
usually made by institutions and investors with passive
investment objectives.
Apple's shares were among the top 10 most active on the
Nasdaq stock market, with more than eight million shares
changing hands.
``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 and sold 225 iMacs between midnight and 2
a.m.
``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 specialty retailers took part in the
``Midnight Madness'' across the United States for the iMac
launch, not including regional retailers.
While the launch was certainly no match for the hype
surrounding that of Microsoft Corp.'s Windows 95 operating
software, some retailers were calling it one of the most
successful Apple product launches in years.
``The whole weekend was great,'' said Tony Violanti, vice
president of retail sales at ComputerTown, a five store chain
with stores in New England and Arizona. ``It was the best in
pre- orders we have ever had for any Apple product...We had a
lot of first time customers.''
Ramirez said that over the entire weekend, ComputerWare sold
well over 600 iMacs, including pre-paid back orders.
He said ComputerWare was 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.
``I would say it's a successful launch,'' said Lou Mazzucchelli,
a Gerard Klauer Mattison & Co. analyst. ``Every store that I've
seen a report of, or some of the stores I was in this weekend,
were all sold out before noon...The interesting thing is...the
demographics were great.''
Mazzucchelli said some very early anecdotal evidence suggests
that Apple's ad campaign, which is focusing on the simplicity
and quick access to the Internet, is drawing new users and PC
users, not just the Macintosh faithful user.
Apple said last week it would spend $100 million on a major
advertising blitz through the end of December, including prime
time television ads that 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.
--
"All human beings are aware of the same truth.
The difference is in the way that we distort it."
- Woody Allen, Deconstructing Harry
<<> tbyars@earthlink.net <<>
--============_-1308667757==_ma============--