“Apple stock rose Tuesday, a day after CEO Tim Cook appeared on CNBC’s ‘Mad Money’ to discuss the company’s prospects after last week’s disappointing March-quarter earnings report,” Patrick Seitz reports for Investor’s Business Daily.
MacDailyNews Take: Because revenue of $50.6 billion and net income of $10.5 billion in 91 days is oh so “disappointing.” And water is dry, right, Patrick?
“Apple shares were up 1%, above 94, in midday trading on the stock market today. Before Tuesday, the stock had fallen for eight straight trading sessions, tying its record losing streak,” Seitz reports. “The last time Apple had eight straight down days was in July 1998, a month before recently returned CEO Steve Jobs introduced the all-in-one iMac computer, the first in a line of hit products that fueled the company’s comeback from near bankruptcy.”
“Cook told “Mad Money” host Jim Cramer that the downturn in Apple shares was a ‘huge overreaction’ to the company’s fiscal Q2 report on April 26,” Seitz reports. “‘We just had an incredible quarter by absolute standards, $50 billion-plus in revenues and $10 billion in profits,’ Cook said. ‘To put that in perspective, the $10 billion is more than any other company makes. So it was a pretty good quarter, but not up to the Street’s expectations clearly.'”
Read more in the full article here.
MacDailyNews Take: Make that $10.5 billion, Tim. By the way, that overlooked $500 million rounding error being the same as Amazon’s entire profit for the very same quarter.
SEE ALSO:
Video of Apple CEO Tim Cook’s CNBC appearance to defend company’s performance – May 3, 2016
It was probably due to make a recovery anyway, its not clear whether anything Tim said on Cramer had anything to do with it.. Not for lack of trying perhaps..
Wow… 2%… that’s really something Lex.
what What WHAT?!
$10 billion is more than any other company makes
*CLUE*
Oh good, some investors got it.
Yes, Tim Cook appearing on a show with 200k viewers stopped the slide.
It had nothing to do with market corrections, day trading, hedge funds, computerized trading to take into account fractional currency splits, a bottoming out of the stock price based on the market’s comfort with the stock, or anything else.
It’s amazing how some people confuse correlation with cause and effect. Well, maybe not. Most citizens live in a fantasy world.