Apple now longer towers over the rest of the stock market, like it did a year or two ago when it became the biggest company in the world, but it's still a very big deal. The stock is down 24 percent from its high last September, when it briefly traded at over $700 a share, but all eyes were on Apple for yesterday's post-closing earnings announcement.
And the news was mixed. Apple it earned $7.5 billion for the quarter, exceeding Wall Street's consensus estimate of $7.2 billion. But on the other hand, Apple had earned $8.2 billion in the same quarter a year earlier, so earnings are down 8.5 percent since then.
In after-hours trading, Apple stock slipped by 2.3 percent; apparently, investors were more concerned about the earnings decline than they were impressed by the earnings beat. But it's still up 23 percent from late June, when the stock bottomed out at just under $400 a share.
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