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Monday, August 15, 2005, 07:00 am PT (10:00 am ET)

Apple stock hits record high on iTunes-Google rumor

Shares of Apple Computer set an all-time high on Friday following a disappointing report from Dell and amid rumors of an iTunes partnership with Google.

According to a report on TheStreet.com, rumors are abound that Apple is set to announce a deal with Google that would allow the search giant to offer a version of Apple's iTunes music store through its search site.

Such a deal would effectively pair the nation's leading online music store with its leading search engine, exposing legal music download options to the broadest of internet audiences.

An Apple spokesperson declined to comment on the report, citing a company policy of not commenting on "rumors and speculation."

The two companies have already partnered to promote their services on a smaller scale, offering Apple iTunes-signed labels a discount on Google's Adwords advertising service.

Meanwhile, TheStreet reports that Apple's shares may also have benefited from disappointing Dell earnings. The nations No.1 PC maker missed Wall Street's revenue targets for its just-completed quarter by $300 million and cautioned analysts that they needed to lower their revenue targets for its current quarter.

Shares of Apple closed regular trading up $2.10, or 4.8%, on Friday to $46.10. As of 10:30 am eastern time on Monday, shares continued to rise some 2.69% to $47.34 on heavy volume trading.