NEW YORK (TheStreet) — Apple’s(AAPL) blowout earnings finished off a solid day for tech stocks.
The Nasdaq gained 61. 41, or 2. 22%, to 2826. 52, while the Dow Jones Industrial Average gained 202. 26, or 1. 63%, to 12,587. 42. The S&P 500 jumped 21. 26, or 1. 63%, to 1326. 73. Joe Terranova said on CNBC’s “Fast Money” TV show that he sees more upside in Apple stock after today’s impressive earnings. He said the stock has been on a tear since June 20 when it was at $310. The stock traded above $400 in afterhours before falling back to $397. For a breakout of some stocks from a recent “Fast Money” TV show, check out Dan Fitzpatrick’s “3 Stocks I Saw on TV. ”
Terranova ticked off a few of Apple’s impressive numbers: 9. 2 million iPads sold along with surprisingly strong iPhone sales. Dan Nathan, playing the contrarian, sounded a word of caution about riding such a hot stock. He said the better course of action would be to wait to get into the stock on a pullback. “This is not a layup,” he said. “Stocks don’t go up from $300 to $400 to $500. ” Jon Najarian said a good time to get in Apple might be before the September launch of the iPhone 5 when he thinks the stock will be at $380. Karen Finerman said she was impressed with the $76. 5 billion in cash Apple has amassed. She also dismissed its weak guidance for the current quarter as a “sham. ” Terranova said Apple is targeting the enterprise space and doing well. Indeed, the company said 86% of the Fortune 500 companies are deploying or testing the iPad. CNBC reporter Jon Fortt, who was monitoring Apple’s conference call, said Apple’s iTunes revenues were up 36% and that it would be coming out with its Lion OS tomorrow. He said Apple reported it had 327 stores open at end of quarter that were averaging $10. 8 million in sales, up from $9 million the year before. He said the company also generated $10. 4 billion in cash for the quarter.