Apple Inc. (NASDAQ:AAPL) is a stock that keeps going and going. Shares opened up at an all-time high at $140.38 today and we don’t even have its earnings until next week, and that really makes you wonder if this earnings report matters outside of what the company guides for the rest of calendar 2007. The iPhone came out literally with about 30 hours left in the quarter and its operating system delay was noted early enough for damage to be minimized. Apple has also been gaining market share in Mac computer sales.
What is amazing is that there was not even a "sell the event" reaction in Apple shares other than what ended up being less than a 1% stock drop after nearly a 50% gain in 2007 before the iPhone launch. In fact, that was only a 1-day drop and shares are up almost another $20.00 from that day. We’ll be doing an Apple earnings preview next week, but it’s a real wonder if the actual earnings will even be looked at. Making any bets against this company other than a very short-term trade here and there would have been a painful experience.
Jon C. Ogg
July 19, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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