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Apple's Fiscal First-Quarter Weekly Revenue Up 27%; Bottom-Line Earnings Beat; Street Is Off Its Rocker

publication date: Jan 24, 2013
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The market is over-reacting to one of the best quarters ever put up by a technology company. Apple's $137 billion cash hoard means it could buy almost any company in the world--one in its supply chain to boost gross margins or even some of the largest companies with fast-growing operations (and high P/E's) that Apple bears may like. There is simply no justification for the magnitude of the sell-off on this single-digit P/E company, but we expect negative sentiment to continue to push down shares over the near term.

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