Apple’s earnings soar- EPS 1.33, 1.09 expected. Who is out buying I-PODS and I-Phones?? LOL
Revenue of 8.16 billion, last year same period 7.5 bil in rev. 8.8% Gain YOY.
Profit margins also increased. So this begs the question: who in their right mind is going out and buying all this consumer discretionary junk?? Heres a thought: the stupid american consumer. Apparently, those who still have their jobs are still spending like its 1999 LOL.
Anyways, so long as consumers have their jobs and the government keeps screaming day and night how great the recovery is going to be, people will spend and refuse to build up their savings. Intermediate term wise, the system will keep chugging along albeit at a much slower pace. April/May/June job losses will be key to see whether this recession will be of the double dip type seen in the 1980’s/1930’s.
Disclosure: small positions in FAZ, will buy more when appropriate