January 24, 2013
(Posted 7:06 AM PST) Apple results have overwhelmed positive economic reports and pulled down the Nasdaq to a loss of nearly 1%. Apple stock itself was down 10% as the market opened. Results were not that bad in the Apple profit report, but investors have been attuned to positive surprises over the years and were sorely disappointed. Meanwhile an industrial measure of growth the PMI was very strong and jobless claims were at their lowest in five years. International news was benign except the report of Spanish unemployment at over 26%. Gold was down and oil up a small amount. Interest rates remain stable. Outside of the Nasdaq, other markets were showing gains in the early session and I expect those gains to continue as the day wears on with Apple recapturing a part of the hefty loss at its opening. Profit reports continue to surprise to the upside except for a few outliers like Apple.
