Apple UPDATE #2 re Earnings

First the headlines: "Apple Inc's quarterly profit beat expectations on strong iPod and Mac computer sales, and the company gave an outlook that cheered investors, sending its shares up 9.5 percent on Wednesday. Apple said its net profit in the fiscal first quarter ended December 27 rose to $1.61 billion, or $1.78 a share, from $1.58 billion, or $1.76 a share, a year ago. Analysts were expecting a per-share profit of $1.40, according to Reuters estimates. Revenue rose 5.8 percent to $10.2 billion, beating the $9.74 billion average Wall Street estimate. Shares in After hours are at $90.70/share. Here's the complete news release.

So I still have my shares and did not sell them even though many were scared about the news of Steve Jobs taking a leave of absence for 5 months. The stock got hammered and I even posted an apology, as I had recommended the stock at $85/share. When I issued the apology, it was in reaction to the stock dropping to the $78.20, a 52 week low on Steve Jobs news. However, my recommendation still stands and the stock is still a buy here at $90.70 in my view.