Apple Shares Set New Year High After Strong Earnings

Apple Inc.'s (AAPL) shares set a new 52-week high on Tuesday after the consumer-electronics giant reported a 47% jump in quarterly profits, led by better-than-expected sales of iPhones, Macintosh computers and iPods.

Despite economic headwinds and a "universal expectation of a sizable beat," Kaufman Brothers analyst Shaw Wu said Apple surprised on the upside because of higher gross margins and the company's ability to sell its products at higher average prices than in the previous sequential quarter.

"What it confirms to us is Apple's proprietary competitive advantages and that customers value Apple products greatly and believe its premium is more than justified," Wu said.

Read Full Article from Wall Street Journal

- Posted: 2009-10-20 11:54:37

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