Good times have returned for Apple.
Following a precipitous sell-off in recent days, shares of Apple have recovered much of their $70 loss since April started. The catalyst for the climb was yesterday’s stellar Q2 earnings report, which helped send AAPL back above $600 today on the NASDAQ.
“It has been a long time since I’ve seen one earnings report be so meaningful for the market,” Rick Meckler, president of investment firm LibertyView Capital Management, tells Reuters. “The fact that they weren’t the negative surprise that so many people feared will be a huge relief to this market and really could provide the impetus to bring it back to those previous highs.”
As MMW reported Tuesday, Apple sold 35.1 million iPhones in the second quarter of 2012 – 88 percent higher than Q2 of 2011. iPad sales, however, stole the show, having more than doubled to 11.8 million for the quarter.
“We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter,” said Apple CEO Tim Cook following the release of earnings. “The new iPad is off to a great start, and across the year you’re going to see a lot more of the kind of innovation that only Apple can deliver.”
But for today at least, it’s Apple’s stock that is truly “delivering.”