5:00PM New York – Apple Inc reported third quarter earnings soared 73% on revenue rise of 24%.

Apple Inc reported third quarter sales growth of 24%, earnings gain of 73%, earnings per share rise of 70.3%

The company reported sales in the quarter of $5.4 billion, net income of $818 million, and earnings per share of 92 cents per share. The company in the previous reported revenue of $4.37 billion, earnings of $472 million, and earnings per share of 54 cents.

Revenue in the North and South America jumped 21% on unit shipment rise of 28%. In Europe revenue gained 29% on 31% rise in unit shipments. In Japan units shipped rose 3% on flat revenue.

The gross margin in the quarter jumped to 36.9% from 30.3% on higher than expected shipments of Apple Macintosh computers. The international sales accounted 40% of total sales.

Apple Macintosh jumped 33% to 1.76 million, 9.81 million iPods, and 270,000 iPhones and accessories. Late launch of iPhone in the last quarter did not give enough data to analysts to predict early sales of iPhone. AT&T reported that in the last two days company had signed only 146,000 subscribers using iPhone, substantially lower than anticipated.

The company guided fourth quarter sales for the current fiscal year of $5.7 billion and earnings of 65 cents per share.

4:30PM NY, 10:30 PM Frankfurt, 2:00AM Mumbai – Global Markets

Wall Street managed to rebound at least for today on better than expected earnings from Boeing, Amazon.com, DaimerChrysler. Sub-prime lending related jitters made another rounds knocking stocks of banks around the world. Nomura in Japan reported sharply higher earnings. American Movil earnings jumped 31%. Shanghai bucked the trend in Asia and closed up. Europe closed lower led by a loss in Germany.

Yields edged lower on 10-year U.S. bonds and closed at 4.913% and 30-year bond rose to close at 5.03%.

Crude oil jumped $2.44 to close at $76.00 per barrel, natural gas closed up 6 cents lower to $5.92 per mBtu, and gasoline futures increased 4.02 cents to close at 208.79 cents per gallon.

Gold traded lost $11.00 to close at $673.80 per ounce, silver decreased 29 cents to close at $13.15 per ounce, and copper futures lost or $60.50 to close at $8,044.50 per metric ton.

Dow Jones added 68.12 to 13,785.07, Nasdaq increased 8.31 to 2,648.17 and S&P 500 rose 7.05 to 1,518.09. DAX index in Germany closed down 114.24 to 7,692.55, in Tokyo Nikkei 225 closed at 17,858.42, down 143.61, and Brazil Bovespa gained 0.37% to close at 56,001.30.

A day after a sharp drop in New York market averages recovered on earnings from Colgate-Palmolive, Xerox, New York Times, Amazon.com, DaimlerChrysler, and Boeing. Existing home sales in June fell 3.8% in June from May but home prices inched up a fraction from a year ago. The annual rate of 5.75 million homes is likely to be revised lower in the coming months as home inventories rise across the country. Weekly inventory of crude oil fell as refineries operated at 91% capacity. The weekly data lifted the oil price by 3%.

Retail, restaurants, and consumer driven stocks dropped for the second day in a row. Nordstrom, Macy’s, Saks, Tiffany, and J C Penney fell more than 2%. Countrywide Financial dropped 3% after plunging 11% on a day of 33% decline in earnings.


Latin American Markets closed lower across the region led by a fall of 1.0% in Chile and Mexico, 0.3% decrease in Argentina, but 0.4% gain in Brazil.

In Sao Paolo trading iBovespa jumped 0.37% to 56,001.30 on falling metals prices and volatile trading in New York. CVRD fell 1.7% after nickel prices fell in international markets. Petrobras gained a fraction on rising oil prices. Yesterday, Petrobras (PBR: chart) was ordered by the National Petroleum Agency to pay $700 million of unpaid taxes which the company plans to appeal. Gol Linheas fell 2.4% after the company requested passengers to delay all unnecessary travel. The recent crash of TAM Air plane in Sao Paolo has created delays at several airports. TAM fell 0.8%. All flights are halted indefinitely from Sao Paolo based Cognhos airport. Lojas Renner plunged 5.5% on declining same-store sales.

In Mexico City trading IPC Index fell 0.54% to 31,200.03 on weakness in European and American trading. American Movil dropped 2.6% after losing more than 3% in previous day trading. The company reported earnings rise of 31% on 29% increase in sales. The company chief executive said that it is looking to buy two smaller mobile telephone companies Telemig and Telesp. Groupo Elektra earnings fell 10% on higher financing cost from a year ago. The stock fell a fraction. The local airport operator Asur signed a five year deal with Banco Santander to open bank branches in the nine airports. The stock jumped 2% on a recommendation from a broker. Telefonos de Mexico dropped 1.8%, the company recently reported earnings gain of 16.4% on revenue gain of 1.9%.


1:00PM NY, 5:00 PM Frankfurt European markets closed down, weighed by Volvo, Siemens.