Apple Powers Nasdaq Higher But Broader Market Drops |
| Forbes - Jan 25, 2012 |
U.S. stocks are mixed on Wednesday morning, with the Nasdaq up 0.2% and the S&P 500 Index down 0.4%. Powering the Nasdaq higher is Apple, which reported an impressive quarter yesterday. Overseas markets were mostly lower.
Apple (AAPL) handily topped EPS and revenue estimates last night, rebounding from its first earnings miss in 12 quarters when it last reported. Driving the impressive growth was blockbuster sales of the iPhone 4S. The company didn’t even bother to change the design of the phone in the much-anticipated pre-holiday release, but that didn’t deter 37 million people from buying it.
The stock is up 7% this morning to $450, and now becomes once again the most valuable company, by market cap, in the world, surpassing Exxon Mobil (XOM). With the strong quarter, AAPL also holds cash reserves just shy of $100 billion. Traders will be watching Apple closely today, with the stock often seeing some profit taking following post-earnings gap ups.
Read Full Article from Forbes
- Posted: 2012-01-25 10:54:30
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