Apple (AAPL) surpassed analysts’ estimates with a 67% rise in profit on Monday, boosting shares up 7% and adding an increase to some exchange traded funds (ETFs). The popularity of its iPhone and iPod helped increase Macintosh computer sales, reports Scott Hillis for Reuters. The "halo effect" is still glowing, as net profit rose to $904 million in its fiscal fourth quarter. This beats Wall Street’s targets at $6.06 billion in revenue.
iShares Dow Jones US Technology (IYW) holds Apple at 5.7%, and iShares S&P GSTI Technology (IGM) has Apple as one of its top holdings at 5.2%. Year-to-date, IYW is up 18.3%, and IGM is up 19.4%. As better-than-expected earnings reports roll out from the tech sector, PowerShares QQQ (QQQQ) continues to benefit. It’s currently up 23.3% year-to-date.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.