Shares of Applerocketed 6% to a new high Tuesday after the company said its quarterly results will come in well above Wall Street estimates.
Apple CEO Steve Jobs told the Macworld conference that the company’s sales came in at $5.7 billion, compared to analysts’ $5 billion forecasts. The results were driven by sales of 14 million iPods, also well above predictions, and the company hit $1 billion in retail sales for the first time and sold 1.25 million Macs in the quarter.
Apple also got a boost from the earlier than expected adoption of Intelchips.
Apple will officially report results Jan. 18.
Stocks overcame early weakness on disappointing results from Dow component Alcoato end the day unchanged.
The Nasdaq added 1 to 2320, the S&P 500 was down half a point to 1289, and the Dow gave back a third of a point to 11,011. Volume rose to 2.37 billion shares on the NYSE, but declined to 2.01 billion on the Nasdaq. Advancers led 18-15 on the NYSE, and 17-12 on the Nasdaq. Upside volume was 50% on the NYSE, and 56% on the Nasdaq. New highs-new lows were 267-18 on the NYSE, and 182-28 on the Nasdaq.
AMDjumped 5% after Piper Jaffray said Dellcould begin using the company’s chips later this year. Shandaalso rose on a Piper upgrade.
JDAand Bell Microtumbled on warnings.
Overlandsurged 18% after raising guidance.
Amazonfell 3% on an RBC downgrade.
Junipergained 5.7% on a management shakeup that included the hiring of a Ciscoofficial.