Markets are up across the board this morning as corporate earnings -- specifically Apple's
With that in mind, let's take a closer look at how the major indexes are faring today and drill down on a few stocks driving today's action.
Gain / Loss
Gain / Loss %
Dow Jones Industrial Average
Source: Yahoo! Finance.
The Dow is showing its second straight day of over-half-a-percent gains, but is lagging the other two indexes. Two components just released earnings this morning, and while both handily improved from last year, the results elicited widely different market reactions.
Bad news first: Economic bellwether Caterpillar
On the flip side, Boeing
However, the real story is the Nasdaq popping over 2% thanks to a 10% gain for the world's most valuable company. Real concerns were voiced that Apple would miss its sales targets after there were significant sequential iPhone sales declines for the U.S.'s two largest domestic carriers. Fortunately, the iPhone is increasingly becoming an international story, as global growth pushed sales figures over 35 million units, 5 million greater than most estimates.
Motley Fool technology analyst and Apple expert Eric Bleeker appeared on CNBC before earnings yesterday to pound the table that overseas iPhone sales would lead to Apple surpassing analyst estimates. During Apple's conference call, that opinion was validated, as the company reported more than $7.9 billion in sales to China, enough to make up for decreases in U.S. iPhone sales.
Get ready for more earnings season surprises
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David Williamson holds no position in any company mentioned. Click here to see his holdings and a short bio. The Fool owns shares of Apple. Motley Fool newsletter services have recommended buying shares of and creating a bull call spread position in Apple. The Motley Fool has a disclosure policy.
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