Apple (Nasdaq: AAPL) sold 8.7 million iPhones in its latest quarter, and this is with many of those buyers likely fully aware that new models will be out come June. Sure, this week's lost/stolen iPhone leak happened long after Apple's fiscal quarter had ended, but history repeats in Cupertino.

Apple has updated its iPhone every summer, and June is just around the corner.

The company's dominance is already leaving rivals sputtering. Nokia (NYSE: NOK) shares took a 13% hit on Thursday after the wireless handset leader talked down its guidance for the year. Shares of Palm (Nasdaq: PALM) were slammed earlier in the week, after it was revealed that it was losing a retail distribution partner.

The good news for any company that isn't named Apple is that the iPhone is unlikely to completely take over the planet. This is still a very expensive smartphone if you back out the wireless carrier subsidy. AT&T (NYSE: T) can do it because it knows it can make back the hundreds it has to subsidize over the course of the two-year contract. However, this still leaves the entry-level market wide open -- at least until Apple does something about it. Right?

Briefly in the news
And now let's take a quick look at some of the other stories that shaped our week.

  • Skype was once the shiny speedster in eBay's (Nasdaq: EBAY) garage, but the company appears to be growing just fine without it. Revenue sans Skype rose 18% in its latest quarter.
  • Kudos to JPMorgan Chase for sticking its neck out. The firm downgraded shares of Janus Capital Group (NYSE: JNS) just two days before the mutual fund company was set to report its quarterly results. It turned out to be the right call, since the stock tumbled after missing Wall Street expectations.

Until next week, I remain,

Rick Munarriz

Nokia is a Motley Fool Inside Value choice. Apple and eBay are Motley Fool Stock Advisor recommendations. Motley Fool Options has recommended a bull call spread on eBay. Try any of our Foolish newsletters today, free for 30 days.

Longtime Fool contributor Rick Munarriz recommends windshield wiper fluid when trying to look back. He does not own shares in any of the stocks in this story. He is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.