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Article: Gloom Around Apple Deepens As Investors Knife the Mac
- Article from:
- Chicago Sun-Times
- Article date:
- January 31, 1996
- Author:
CopyrightCopyright 1996 Chicago Sun-Times. (Hide copyright information)
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NEW YORK Apple Computer Inc.'s stock dropped 6 percent Tuesday,
edging closer to the $23 price at which Sun Microsystems Inc.
reportedly made a takeover offer last week.
Apple shares closed down $1.81 1/4 to $27.31 1/4, a 6 percent
drop, on the Nasdaq Stock Market. The decline followed a 5 percent
drop Monday as investor hopes faded that a better takeover offer
would emerge.
The stock had been buoyed last week by conflicting reports about
Sun's interest in Apple, including one that said the workstation
maker had offered $33 per share.
Investors Tuesday also had news accounts of an Apple internal
memo that ordered a halt on new spending for research and
development.
The memo, by ...