“Apple Inc. rose to a record in Nasdaq trading after profit almost doubled last quarter and Chief Executive Officer Steve Jobs tantalized investors with the promise of ‘extraordinary’ new products,” Connie “The Vulture” Guglielmo reports for Bloomberg.
“The doubling of the stock in the past year already has made Apple the third-most valuable company in the U.S. and today’s gains bring it closer to the No. 2, rival Microsoft Corp.,” Guglielmo reports. “Apple jumped as much as 6.3 percent on the Nasdaq Stock Market.”
“Sales this quarter will be as high as $13.4 billion, Apple said yesterday, topping the $13 billion anticipated by analysts. The forecast came after a 90 percent surge in second-quarter profit on demand for the iPhone and Macintosh personal computer. Jobs said the results added up to the best non-holiday quarter in Apple’s history,” Guglielmo reports. “‘It’s a huge beat, this is a tremendous beat,’ said Bill Kreher, an analyst with Edward Jones & Co. in St. Louis. He advises investors to buy the shares, which he doesn’t own. ‘Apple is demonstrating they are clearly king of the mountain in technology land.'”
MacDailyNews Take: For as long as they’ve been in existence, Apple’s been “king of the mountain in technology land.”
Guglielmo continues “More new devices are on the way, said Jobs, 55. ‘We have several more extraordinary products in the pipeline for this year,’ he said in a statement.”
Full article here.