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Apple approaches 52-week high

Apple Computer edges closer to a 52-week-high, a day after it posts better-than-expected earnings for its second fiscal quarter.

Apple Computer today edged closer to a 52-week-high, a day after it posted better-than-expected earnings for its second fiscal quarter.

The PC maker's stock closed up 1.19 today, at 28.63. It has traded as high as 29.75 and as low as 12.75 during the past 52 weeks.

As reported, Apple said yesterday that it posted a better-than-expected $55 million profit for the second fiscal quarter, reversing a loss of $708 million for the same period a year ago. The per-share profit of 38 cents in diluted earnings was more than double the 16 cents per share that Wall Street analysts had been predicting.

Under acting chief executive Steve Jobs, Apple has posted profits for two straight quarters. Many analysts praised Apple's quarterly performance, but some remained cautious about declaring a full-fledged turnaround until a full year's worth of results is logged. Apple holds its shareholder's meeting on April 22.

Among other computer makers, Compaq were down in morning trading.