The bulls are pushing fresh highs despite a mixed Tech sector with the blue-chips leading the way. Apple’s (AAPL, $522.26, down $7.62) shares have traded north and south of breakeven after reporting earnings last night. Shares were initially up a few bucks on the announcement but then dropped over $20 to test $500 in extended trading before recovering to end slightly lower.
Shares have traded to a high of $539.25 this morning but have slipped to a low of $520.87 before rebounding to current levels. The company said gross margins were slightly lower which spooked Wall Street but with what appears to be an upcoming Apple Christmas, there is reason for optimism. Apple reported earnings of $8.26 a share on revenue of $37.5 billion. The suit-and-ties were looking for $7.93 a share on sales of $36.8 billion.
Looking ahead, Apple said 4Q revenue would come in at $55-$58 billion while the consensus estimate is at $55.65 billion. We wouldn’t be surprised to see Apple earn over $60 billion for the current quarter as they have a history of sandbagging their numbers.
The Dow is currently up 55 points to 15,624 while the S&P 500 is higher by 5 points to 1,767. The Nasdaq is even at 3,940.
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