|After tomorrow's pop to $560-$570, AAPL's price will be back to where it was two years ago.|
After today's close the Cupertino giant showed that it still had the capacity to surprise tech analysts, who had been forecasting a lackluster, if not down quarter [bold added]
the company had better news than many expected, posting a quarter that outdid its performance a year ago. But sales of the iPad were down 16 percent.An 8% dividend increase, also announced, provides further impetus for the stock.
Apple reported earnings of $10.2 billion, or $11.62 per share on $45.6 billion in revenue during a quarter that saw the release of no new products. [Wall Street was expecting earnings of $10.17 per share on revenue $43.5 billion.] That was above both the $42 to $44 billion in revenue Apple forecast for itself in January, and the $43.6 billion it reported the same time this last year. The company also announced a seven-for-one stock split, with a $90 billion stock buyback program.
Apple CEO Tim Cook remains mum on specifics for a new product category, although he did say "it's closer than it's ever been." Apple may still not be exciting enough for momentum traders, but it's got excitement enough for your humble investor, and more safety, too.