Apple posted results and guidance after the close on Wednesday that looked like something out of 1999.
Apple’s September quarter earnings of 27 cents a share crushed analysts’ estimates by 9 cents, and revenues rose 37% to $2.35 billion, $200 million above forecasts. The company projected even stronger results for the December quarter: earnings of 39-42 cents a share and revenues of $2.8-2.9 billion, compared to estimates of 28 cents and $2.51 billion.
The company’s numbers were boosted by sales of 2.01 million iPods in the quarter, well above forecasts of about 1.5 million. The company also benefited from strong iMac and retail sales.
Shares of Apple gained 5% after hours.
Also after the close, Novellus met estimates, but said it saw “significant weakening” in orders in September. Sandisk
missed estimates, and QLogic
and Lam Research
topped forecasts.
Stocks suffered a reversal of fortune during the day, as a rally sparked by strong results from Yahoo and Intel
buckled under pressure from rising oil prices, sending stocks to broad losses on the day.
The Nasdaq lost 4 to 1920, the S&P 500 fell 8 to 1113, and the Dow tumbled 74 to 10,002. Volume rose to 1.55 billion shares on the NYSE, and 1.79 billion on the Nasdaq. Decliners led 22-10 on the NYSE, and 18-11 on the Nasdaq. Downside volume was 74% on the NYSE, and 45% on the Nasdaq. New highs-new lows were 105-43 on the NYSE, and 104-55 on the Nasdaq.
Accenture plunged 10% on rising costs and weaker than expected guidance.
Veeco and Captiva
also tumbled on warnings.
WebMethods surged 10% after raising guidance.
