Apple Shines Once Again

Apple made a mockery of analysts’ estimates once again after the close on Wednesday.

Apple’s earnings of 34 cents a share were a dime better than Wall Street forecasts, and sales soared 70% to $3.24 billion, topping $3.21 billion estimates.

Apple shipped 5.3 million iPods and 1.07 million Macintosh units in the quarter.

Apple also raised June quarter guidance to 28-cent earnings and $3.25 billion revenues, again above Wall Street’s expectations. Despite the stellar results, Apple shares were little changed after hours.

Also after the close, AMD posted a 4-cent loss — below estimates for a 2-cent gain — while revenues of $1.23 billion topped $1.21 billion forecasts. The stock got a boost in after-hours trading on news that it will spin off its flash unit.

Stocks plunged during the day after weaker than expected retail sales rekindled fears of an economic slowdown.

The Nasdaq tumbled 31 to 1974, the S&P 500 dropped 13 to 1173, and the Dow plunged 104 to 10,403. Volume rose to 2.04 billion shares on the NYSE, but declined to 1.74 billion on the Nasdaq. Decliners led 23-9 on the NYSE, and 21-8 on the Nasdaq. Downside volume was 80% on the NYSE, and 84% on the Nasdaq. New highs-new lows were 52-53 on the NYSE, and 36-100 on the Nasdaq.

ASML , Compuware and Foundry fell on warnings.

Broadwing soared 23% on a Thomas Weisel upgrade.

Orckit gained 9% on its results.

Bluefly rose on strong sales growth.

News Around the Web