A Delicious Quarter

Co-CEO of The Markets Are Open, Allan Edwards, remarked that the current quarter by Apple was delicious. Edwards stated, "This was a delicious quarter. It was the kind of quarter where you buy enough apples to make apple pies, apple crumbles, and apple strudel." After the bell closed on Tuesday, Apple Inc. reported profit of 3.25 billion dollars or $3.51 a share.

The quarter was not only strong on the bottom line as Edwards had hoped but its top line growth also came in above analyst estimates. Edwards further commented, "Yesterday, I had some issue with IBM's top line growth. This was not a problem with Apple; Apple had excellent top line growth." Apple's revenue surged over 61% to $15.7 billion. Asked if there were any negatives on the quarter Edwards stated, "[Well there were] a few bad apples in the report, for instance iPod sales dropped 8% and I can't figure out why, it is like a sphynx wrapped in a riddle." But most of the news was positive. Sales of Apple's iPhone climbed 61 percent to 8.4 million and sales of Apple Macs totaled 3.47 million in the quarter up 33 percent.

In after hours trading, which is from the time the markets close until 8:00PM where typically machines accept trades usually at a lower volume saw Apple shares jump $7 or 2.9%. Edwards continued, "On Wall Street we have a special name for an earnings beat like this. We call it KOBATA meaning 'Knocked it Out of the Ballpark Above Top Anticipations' This may seem like technical mumbojumbo to those of you at home but on Wall Street very few companies hit for the KOBATA and Apple did just that today." Asked if he had any closing thoughts for Apples quarter Edwards quietly whispered "KOBATA...KOBATA...KOBATA..."