Investors dump Apple Computers

April 16, 1991|By Knight Ridder

CUPERTINO, Calif. -- Wall Street's recent euphoria over those new lower-cost products from Apple Computer Inc. ended abruptly yesterday when the company announced that all of its additional Macintosh sales produced no increase in profits during the second fiscal quarter ended March 29.

Disappointed investors dumped their Apple stock en masse, pushing the shares down $9.50 to $62.25 on very heavy volume in over-the-counter trading. Investors and Wall Street analysts clearly had expected strong demand for new Macintosh models to fuel a sharp jump in profits.

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