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Apple Does it Again

9:05am (EST)

The bulls were looking for a bounce following last week’s sell-off and seemed enthused at the open.  The market appeared poised for a triple-digit pop on Monday but the disappointing existing home sales report gave the bears ammo to push back. 

The bears drew a little blood right before lunch as the major indexes dipped into the red but after it was all said and done the market eventually closed higher.  However, the bears are leaving their mark. 

The Dow finished with a 23 point gain to settle at 10,196 while the S&P added 5 to finish at 1,096.  The Nasdaq also added 5 points to close at 2,210.

The big news last night was Apple’s (AAPL, $203.07, up $5.32) incredible quarter which was amazing as usual.  The company reported its most profitable three months ever but threw a couple of curveballs that froze Wall Street at the plate. 

The first pitch was the news that iPhone sales came in lighter-than-expected and behind that was an accounting change that had analysts up all night.  The company changed how it accounts for revenue and profit from the iPhone, making it difficult to see at first whether or not Apple lived up to expectations. 

Shares were only up $1.82, to $204.90 by the close of extended trading last night but this morning the stock is up $5, to $208.

Another stock that was active in after-hours last night was EMC (EMC, $16.94, up $0.18) which jumped 5%, or 80 cents, after VMware (VMW, $42.00, up $0.42) announced its earnings.  VMware beat estimates across the board sending is shares up nearly 20% in after-hours. 

EMC owns 80% of VMware and announced its own earnings this morning.  The company also beat the Street’s numbers after posting a profit of $0.33 a share for the quarter on revenue of $4.1 billion.  Estimates were at $0.30 cents a share on revenue of $4.02 billion.

EMC also forecast a 2010 profit of $1.12 a share on revenue of $16 billion, which would beat the average forecasts for profit of $1.11 a share on revenue of $15.5 billion. 

We currently have an option trade on EMC that should see some nice gains this morning.

Despite all of our good news, as we head to press the futures are pointing towards a slightly lower open.  Dow futures are down by 9 points while the S&P 500 futures are off by 3.  The Nasdaq futures are up 2 points.

This is a considerable improvement from this morning as Dow futures were down 70.  We have updated the Members Area with our current trades and we can’t wait to get started today.

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This entry was posted on Tuesday, January 26th, 2010 at 9:09 AM and is filed under Apple, Earnings, Market Analysis, Market Commentary. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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    “Hi Rick, thanks for the encouragement to play the dendreon calls! did freaking great! Got in the first lot at $1.44 on 3-24-09, sold at $2.45, 70% not bad. Bought it back at $2.30 on 4-7-09 closed out on 4-14-09 for 454% gain! Wow! I love it when that happens. So, thanks the encouragement to get back in when others were saying sell, sell, sell. Keep up the good work.”

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    Jan. 31 2012
    Rick, new member...Studied all current trades, did some chart work,picked ZNGA, PEP, MGM...Sold on Feb. 2 for $3600.00 profit...Cost for 1-year membership to your newsletter was less than $1000.00..All I have to say..Thank you. John H –

    3/18/11
    Rick, I purchased 10 contracts of the Nike March 85 puts Thursday afternoon for $2.00. Thing is, I was upset because the puts went down to $1.60 or so before the market closed. Well, needless to say Nike didn’t impress Wall Street and when I turned on the computer this morning the puts were worth $7.10! Sold them for a $5,100 profit!. Thanks again, you are the MAN. Chuck J-

    2/3/12
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