Notes of interest from Apple's Q108 quarterly conference call

[AppleInsider]

Apple on Tuesday announced its most profitable quarter in company history, and held a financial conference call with analysts and members of the media. Several notes of interest from the finished call follow:

Apple on Tuesday announced financial results for its fiscal 2008 first quarter ended December 29, 2007. The company posted revenue of $9.6 billion and net quarterly profit of $1.58 billion, or $1.76 per diluted share.

Apple regional business segments

Apple Americas accounted for 841,000 Mac sales and $4.298B in revenues. These figures are up 35 percent and 22 percent year-over-year. Sequentially, however, shipments are down 17 percent with revenue up 9 percent.

Apple Europe accounted for 705,000 Mac sales and $2.471B in revenues. Both these figures are up 44 percent and 36 percent year-over-year, and up 41 percent and 85 percent sequentially.

Apple Japan accounted for 91,000 Mac sales and $400M in revenues. These figures have increased by 30 and 40 percent year-over-year, as well as 26 and 57 percent sequentially.

Japan's surprise bounce-back in sales was led by strong receptions to the iMac and the iPod touch.

Apple's Asia Pacific (and FileMaker Inc) accounted for 178,000 Mac sales and $738M in revenues. These figures are up 59 percent and 53 percent year-over-year. Sequentially, unit sales rose 15 percent in the Asia Pacific regions with revenue increasing 66 percent.

Apple's "Other Music Related Products and Services" segment accounted for $808M in revenue. The figure represents a 27 percent year-over-year increase and a 34 percent sequential lift to Apple's results.

Apple's "Peripherals and Other Hardware" added $382M in revenue, representing a 29 percent growth year-over-year and 10 percent sequentially.

Apple's "Software, Service and Other Sales" segment accounted for $628M in revenue, a spike of 81 percent year-over-year and 46 percent sequentially.

There was an "incredible growth" in the audio and video businesses, driven by Logic 8 and Final Cut Studio 2.* The digital media production space was nonetheless "slow," Apple noted.

Apple's Mac business

Apple sold 977,000 desktops during the quarter and 1,342,000 notebooks. The figures signal Mac shipment increases of 53 and 38 percent for each category year-over-year, but virtually flat sequential sales for notebooks and a 20 percent sequential increase for desktops.

Macs accounted for 47 percent of total revenue and exceeded forecasts by 700,000 units. At an increase of 44 percent year-over-year, this growth was more than 2.5 times the market growth rate, according to IDC numbers.

Leopard revenue was $170 million in the quarter, up from $100 million for Tiger in its own first quarter; about 19 percent of the Mac user base is already believed to be using the new software.

Sales of the new iMac continue to be very "robust." The iMac had "enormous momentum" and grew at over five times IDC's projected average for desktop sales.

The educational market saw a record quarter and grew about five times IDC's projected growth, both in K-12 and higher education. Larger businesses are also interested in the Mac.

The MacBook Air is seeing "very strong" pre-orders, but it's too early to tell whether the system will cannibalize existing MacBook or MacBook Pro sales.

Apple's iPhone business

Apple sold 2,315,000 million iPhones during the quarter and earned about $241 million.

Apple is "pleased" with the iPhone's momentum.

Customers "really appreciated" the $100 iPhone credit, but the impact to Apple's finances are behind the company now and were absorbed into the last two quarters.

The company is confident it will hit the target of selling 10 million iPhones by the end of 2008.

Apple still plans to enter Asia in 2008, plus additional European countries. There was no mention of a Canadian release.

A "significant" number of iPhone buyers likely bought it with the intent to unlock the device for another carrier, but Apple can't quantify this and has no precise estimates.

Apple has already sold 300,000 iPhones in January as of Macworld San Francisco and estimates a daily sales rate of 20,000 iPhones per day.

Apple's iPod and iTunes businesses

Over 22,121,000 million iPods were sold this quarter.

iPod channel inventory remains on track at 4-6 weeks of inventory.

According to NPD, the iPod's share of digital media players was consistent with the year-ago quarter in the US, but grew in nearly all European countries.

The iPod touch led much of the growth in the iPod line and has the potential to define a new "mainstream Wi-Fi mobile platform" running "all kinds of mobile applications."

Apple may have traded unit volume in the short term but believes it made the right decision.

The success of the iPod touch came despite being priced about $50 higher than iPods have reached for some time, Apple says.

The average selling price of an iPod was $181 and helped drive revenue.

The objective of the iTunes Store remains to run the store at just above break-even to help drive iPhone and iPod sales.

Apple isn't projecting Apple TV volumes but believes it has "a great product."

Apple's Retail business

Apple's retail stores combined to sell 504,000 Mac units and generate $1.701B in revenues during Apple's fourth fiscal quarter, representing yearly growth of 64 percent in units and 53 percent in revenue. Sequentially, the retail segment produced a 7 percent rise in units and a 36 percent increase in revenue.

Retail stores generated $405 million in segment margins compared to 259 million in the year-ago quarter.

Seven stores opened during the quarter, providing Apple with a total 204 stores.

With an average 201 stores open over the period, an average store's revenue was $8.5 million compared to $6.5 million a year ago.

There were 38.4 million visitors total to all of Apple's stores, which breaks down to about 14,700 visitors per store, per week.

Traffic in retail stores grew by over 10 million customers year-over-year.

Stores delivered over 300,000 personal training sessions during the quarter.

Gross margins increased primarily due to stronger software sales, a weaker US dollar, and higher revenues.

Apple ended calendar 2007 with 286 store-within-a-store Best Buy locations that have "added to Mac momentum." The plan should extend to about 600 Best Buy stores within the next six months.

The company is "very happy" with its Best Buy relationship.

Apple expects to open between 35 and 40 stores in fiscal 2008. The company plans to open more international stores in 2008 than it did last year, including its first stores in China.

There are 9,500 Mac distribution points, up from 7,700 a year ago. Apple is expanding this because of the momentum in its Mac business.

In Europe, there are 2,500 storefronts selling the iPhone between France, Germany, and the UK. There are 2,100 in the US.

Apple is considering enhancing the Apple TV displays at its stores and third parties to highlight the revamped software, but there is nothing to announce today.

The financial side of Q4

Operating margin for the quarter was 22.1 percent, and was better than expected due to higher gross margins.

The tax rate was 32 percent.

Apple added $3 billion in cash, ending the quarter with $18.4 billion. This is being increased to give Apple flexibility to make strategic acquisitions.

Stock buyback programs and other forms of returning cash have been discussed wit hteh board from time time to time, but as of now the company is focusing on a strong balance sheet.

Direct sales accounted for 46 percent of all sales, compared to 44 percent the year before.

Apple's next (Q108) fiscal quarter

Apple expects revenue of about $6.8 billion and earnings per diluted share of about 94 cents.

Gross margins should be lower at 32 percent due to a gradual slowdown in Mac OS X Leopard, iLife, and iWork sales, plus typical post-holiday seasonal declines.

Operating expenses are predicted to be $1.12 billion for the period.

Apple has already sold 300,000 iPhones in January as of Macworld San Francisco.

For the current quarter, the expectation is that RAM and NAND flash memory prices will remain flat. Hard drive, LCD, and optical drives will be close to meeting a supply/demand balance, which should improve pricing. All other commodities should improve as well.

Quotes from the conference call

"We believe one of the iPod's future directions is to become the first mainstream Wi-Fi mobile platform, running all kinds of mobile applications."

"We think the MacBook Air will appeal to travelers, professors, all kinds of people who want to access a computer wherever they are." The company believes the Air has a very competitive price, especially given its size, weight, and features.

When one caller mentions her firm has ordered two MacBook Air models: "orders are very strong for the MacBook Air. We hope you have a good spot in the [order] queue."

On Apple TV: "we think we have it right this time. We'll see on Apple TV."

[ View this article at AppleInsider.com ]

[solipsism]

.........

[Foo2]

How does 94 cents compare with Apple's year-ago guidance?

[aaarrrgggh]

Ouch... AAPL down to 137 after hours... 11% drop, 16% for the day!

94 Cents is a 8% growth rate from last year. Consensus was $1.09, or a fairly conservative 25% growth.

Great quarter, but now everybody will be spooked about the overall economy killing them.

[TBaggins]

Crap. My stock's gettin' positively killed.

This sucks. Stevie, 3G iPhone, STAT!!!


.

[GregAlexander]

All sounds like excellent stuff.
Forgetting forecasts etc - Apple's revenues , profits, market share are all growing great.

As for forecasts, for the last few years Apple aims low, analysts aim medium, and performance exceeds both. So Apple forecasting lower than analysts for next quarter doesn't come as a surprise.

Am I missing anything?
(ps. Come on Apple, time to make the rest of the world a 1st class Apple citizen

[edit: sorry, not to make light of stock drops, but I figure that's part of the larger market, not Apple]

[WJHMH]

CNN was saying this years lack luster Macworld '08 is partly to blame for the dramatic fall. I don't get it, are they not counting other world markets? FYI to you stockholders, don't panic & sell off your stock. It will be back up very soon.

[TenoBell]

Crap. My stock's gettin' positively killed. This sucks. Stevie, 3G iPhone, STAT!!!

The entire market is at a 15 month low. It has everything to do with bad real estate loans and nothing to do with a 3G phone.

[solipsism]

Originally Posted by TenoBell

The entire market is at a 15 month low. It has everything to do with bad real estate loans and nothing to do with a 3G phone.

The market is down, but today's after-hours landslide is because of the quarterly earnings... somehow

[Mr Underhill]

Nice to see international sales accounting for almost half the revenue. With Europe in particular looking good for Apple the message is clearly getting through.

Let's hope Apple push forward the iTunes Movie Rentals for the UK sooner rather than later. When Jobs say's it's coming later in the year, i hope he doesn't mean Xmas.

I've always felt the content on the UK iTunes store is lagging too far behind what's available in the US. When you think of the close relationship, the common language and the huge amount of US television here in the UK, i think it's a pretty poor effort.

Of course it isn't all down to Apple but that's my two-pence worth.

[Wiggin]

Originally Posted by WJHMH

CNN was saying this years lack luster Macworld '08 is partly to blame for the dramatic fall. I don't get it, are they not counting other world markets? FYI to you stockholders, don't panic & sell off your stock. It will be back up very soon.

MacWorld disappoints explains last weeks drop. Apple dropped throughout the day with the rest of the tech sector, but this after-hours drop is because of the call. Lower growth forecast for this quarter is likely what killed them.

[FullGaz]

Forgive my ignorance in this matter, but it sounds to me that the conference call was rather positive, wasn't it? Why do you think it triggered that fall?

[TenoBell]

The market is down, but today's after-hours landslide is because of the quarterly earnings... somehow

I don't see evidence this is directly because of Apple. Apple has just announced its had its best quarter in its history which is greeted with the stock falling?

[g3pro]

Originally Posted by FullGaz

Forgive my ignorance in this matter, but it sounds to me that the conference call was rather positive, wasn't it? Why do you think it triggered that fall?

AAPL is a consumer-spending-dependent company. All signs point to recession, including decreased consumer spending. If it affects Apple, and Apple includes it in the guidance, you know that the near term is not good news for Apple, hence the AAPL sell off.

[Bergermeister]

Originally Posted by FullGaz

Forgive my ignorance in this matter, but it sounds to me that the conference call was rather positive, wasn't it? Why do you think it triggered that fall?

I share in this feeling. Own no stock and cannot comprehend those who do, because the current "crisis" is simply an over-reaction to a situation that is then fueling itself. The whole market is falling on "fear", not reality and ultimately everyone, incliding those of us who don't play the numbers game, get shafted because a few wanna-get-rich-quick jerks can't maintain composure.

There is also the lovely situation when analysts predict a company will do XYZ and when the company doesn't do that they are criticized for not meeting expectations (of people who don't work for the company) and stocks are punished, despite possibly having a banner year (from the perspective of those in the company). The analysts obviously know more about a company than the company does.

The whole thing is very childish to me; sadly, the world revolves around this idiotic game of selfishness and greed all based on chance.

Can anybody tell I didn't get enough sleep last night?

[TenoBell]

All signs point to recession, including decreased consumer spending. If it affects Apple, and Apple includes it in the guidance, you know that the near term is not good news for Apple, hence the AAPL sell off.

Exactly.

[g3pro]

Originally Posted by TenoBell

I don't see evidence this is directly because of Apple. Apple has just announced its had its best quarter in its history which is greeted with the stock falling?

Guidance given by Apple for the next quarter was significantly pessimistic.

Stock prices aren't a scoreboard, it's a supply and demand market. When a share in a company is not worth the price it's at, you don't buy it, and if people really want to sell, they have to reduce the price even further. In this case, the stock will probably not be worth very much next quarter, so people are trying to get rid of their shares.

[TenoBell]

Guidance given by Apple for the next quarter was significantly pessimistic.

Yes but its also not happening in a vacuum that only effects Apple. Its happening across the market. Apple always gives rather conservative numbers for its next quarter, which makes some investors nervous, but in the end Apple beats.

The market also has a heard mentality. Once you scare a couple you have an over reaction of many to follow.

[Ireland]

Originally Posted by g3pro

AAPL is a consumer-spending-dependent company. All signs point to recession, including decreased consumer spending. If it affects Apple, and Apple includes it in the guidance, you know that the near term is not good news for Apple, hence the AAPL sell off.

After hours price is not at all realistic. $138.55 yeah TF right

[minderbinder]

Originally Posted by g3pro

Guidance given by Apple for the next quarter was significantly pessimistic.

Stock prices aren't a scoreboard, it's a supply and demand market. When a share in a company is not worth the price it's at, you don't buy it, and if people really want to sell, they have to reduce the price even further. In this case, the stock will probably not be worth very much next quarter, so people are trying to get rid of their shares.

So 6.8 billion versus 6.9 billion is "significantly pessimistic"? Are you kidding me?

People are spooked about the markets overall, and they're going to use any minor negative detail in an announcement as an excuse to sell, regardless of how positive it is overall.

So if you really think AAPL's stock price is going to "not very much", you shorted it, right?

[Bergermeister]

Originally Posted by minderbinder

S

People are spooked about the markets overall, and they're going to use any minor negative detail in an announcement as an excuse to sell, regardless of how positive it is overall.

The fate of the world rests in the hands of people who get spooked easily and overreact. That is reassuring.

[JimDreamworx]

Originally Posted by Bergermeister

The fate of the world rests in the hands of people who get spooked easily and overreact. That is reassuring.

I hope not. This is just people and firms who own shares in companies who try to make a profit shunting money back and forth.

Buying opportunity for AAPL! Remember, Daedelus said $600 by Dec 2008. Get out there people!

[TBaggins]

Originally Posted by TenoBell

The entire market is at a 15 month low. It has everything to do with bad real estate loans and nothing to do with a 3G phone.

Dream on.

While the Dow Jones as a whole is down 16 percent from its peak (and the NASDAQ is 20 percent off of a 5-year high), in after-hours trading Apple is down nearly 32 percent from where it was just a few weeks ago.

Much worse than the market as a whole, and not good by any stretch.

So it's more than just the economy (though it sure ain't helpin'). And yep, a 3G iPhone would help, as that would goose Euro sales, as even you yourself have admitted. Though Apple also has to work on pricing issues over there as well.


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[TenoBell]

While the stock market as a whole is down 16 percent from its peak, in after hours trading Apple is down nearly 32 percent from where it was just a few weeks ago. Not good.

Well when there is the specter of a recession. Companies that sell expensive consumer products such as Apple are highly vulnerable in a stock sell off.

Baggins you are beyond comical with this 3G fetish. What evidence is their that a 3G iPhone would make any difference?

[TBaggins]

Originally Posted by TenoBell

Well when there is the specter of a recession. Companies that sell expensive consumer products such as Apple are highly vulnerable in a stock sell off.

Baggins you are beyond comical with this 3G fetish. What evidence is their that a 3G iPhone would make any difference?

Teno, I know it must be a slow day in the Apple marketing department, but you're kidding me, right? YOU YOURSELF HAVE SAID that 3G would help iPhone sales in Europe. Now you want to backpedal because what you said before was inconvenient? Oh, and ignore the missed Euro sales targets too?

Good lord man, sit down, shut up, and have a drink. Its that kind of day.


.

[solipsism]

Originally Posted by TBaggins

Teno, I know it must be a slow day in the Apple marketing department, but you're kidding me, right? YOU YOURSELF HAVE SAID that 3G would help iPhone sales in Europe. Now you want to backpedal because what you said before was inconvenient? Oh, and ignore the missed Euro sales targets too?

Good lord man, sit down, shut up, and have a drink. Its that kind of day.


.

1) While a 3G iPhone would help sales in every market, it wouldn't have saved anything from happening today. iPod sales would still be flat, and perhaps even lower.

2) Your sig is way to big.

[jasenj1]

Wow. I feel _REALLY_ stupid now for buying some shares just before MacWorld ($178ish). Apple has always been a very volatile, crazy stock. It seems to "overcorrect" a lot. I wouldn't be surprised to see it up $10 tomorrow - not that I think it will be, I just wouldn't be surprised.

Oh well, I bought most of my few shares back in the 90s when it was around $30. Selling a few helped with a down payment on my first house. I'd just like to get back in the acquiring mode. This might be a good opportunity.

- Jasen.

[TBaggins]

Originally Posted by solipsism

1) While a 3G iPhone would help sales in every market, it wouldn't have saved anything from happening today. iPod sales would still be flat, and perhaps even lower.

The iPhone is but one of Apple's three major businesses. Would a 3G iPhone have been a magic bullet that somehow shielded Apple stock from any kind of fall? Of course not, and no one's saying it would have. But could it have cushioned the fall some? Yeah, pretty sure it would've.

2) Your sig is way to big.

On my comp, it looks just about right.


.

[TBaggins]

Originally Posted by jasenj1

Wow. I feel _REALLY_ stupid now for buying some shares just before MacWorld ($178ish). Apple has always been a very volatile, crazy stock. It seems to "overcorrect" a lot. I wouldn't be surprised to see it up $10 tomorrow - not that I think it will be, I just wouldn't be surprised.

Oh well, I bought most of my few shares back in the 90s when it was around $30. Selling a few helped with a down payment on my first house. I'd just like to get back in the acquiring mode. This might be a good opportunity.

- Jasen.

I feel your pain. I seriously though about selling at $200 in late December, but I thought, "There should be some good announcements at MacWorld. And if not, the earnings call should be stellar enough to set everything right."

Ugh.

.

[TenoBell]

The iPhone is but one of Apple's three major businesses. Would a 3G iPhone have been a magic bullet that somehow shielded Apple stock from any kind of fall? Of course not, and no one's saying it would have. But could it have cushioned the fall some? Yeah, pretty sure it would've.

"Piper Jaffray analyst Gene Munster confessed that in his five years of covering Apple he’s never seen anything like the market’s reaction to these earnings. 'I talked to one of our technical analysts before the call and he told me that the stock was going down to 130 no matter what results Apple posted,' Munster said in a phone interview. 'Something bigger is going on in people’s minds. There’s a feeling that stocks need to go back to their 200 day averages as the market corrects itself. This is not a bullish sign for other tech stocks going forward,'" Elmer-DeWitt reports.

On my comp, it looks just about right.

Looks big on my monitor too. I thought you figured the bigger you made it the more likely Apple would listen.

[TBaggins]

Originally Posted by TenoBell

"Piper Jaffray analyst Gene Munster confessed that in his five years of covering Apple he’s never seen anything like the market’s reaction to these earnings. 'I talked to one of our technical analysts before the call and he told me that the stock was going down to 130 no matter what results Apple posted,' Munster said in a phone interview. 'Something bigger is going on in people’s minds. There’s a feeling that stocks need to go back to their 200 day averages as the market corrects itself. This is not a bullish sign for other tech stocks going forward,'" Elmer-DeWitt reports.

Gene's just one analyst, and one of the most consistently bullish on Apple. He's made some very big upside projections on Apple, and today's events probably have wigged him out a bit, since his rep's on the line. He's gonna call 'crazy apocalypse' instead of admitting that maybe he was a tad over-optimistic.

Looks big on my monitor too. I thought you figured the bigger you made it the more likely Apple would listen.

Nah. AI I think did something regarding sig sizes a few days ago, 'cuz I noticed my sig was unusually small recently. So I bumped up the font size to compensate.

Apparently AI undid whatever they were doing, 'cuz alluva sudden, my sig became big. So I had to go back and adjust again. I think its good now. Its the same size as I remember it being before the weirdness.

.

[TenoBell]

Gene's just one analyst, and one of the most consistently bullish on Apple. He's made some very big upside projections on Apple, and today's events probably have wigged him out a bit, since his rep's on the line. He's gonna call 'crazy apocalypse' instead of admitting that maybe he was a tad over-optimistic.

Not really. Apple's earnings and growth have been impressive. Todays stock fall wasn't about the past quarter but about the future. Because of various factors in the market today investors are squeamish about future growth. Those doubts have little to do with the reality of Apple's future growth. Only the perception.

[TBaggins]

Originally Posted by TenoBell

Not really. Apple's earnings and growth have been impressive. Todays stock fall wasn't about the past quarter but about the future. Because of various factors in the market today investors are squeamish about future growth. Those doubts have little to do with the reality of Apple's future growth. Only the perception.

If Apple gave very conservative and somewhat dismal future guidance (and it appears that it has):


Apple forecast profit in the second fiscal quarter of 94 cents per share, far short of the $1.09 per share that analysts were expecting. Revenue is also expected to be lower, coming in around $6.8 billion, compared with the $6.99 billion forecast by analysts.


...then it appears those doubts go well beyond 'perception'. Apple knows its in for a bumpy ride, and its trying to get the bad news out early.

Guess I'm gonna have to hold my stock a good long while before I see $200 again. Bummer.

.

[TenoBell]

If Apple gave very conservative and somewhat dismal future guidance (and it appears that it has):

This is not because Apple believes consumers won't buy its products. The economy may go into a slow down. A phenomenon which is beyond Apple's control but will put the breaks on Apple's recent growth. They are cautiously reflecting the reality of the current market.

Also the economy may not slowdown as much as feared and Apple may beat these estimates.

[TBaggins]

Originally Posted by TenoBell

This is not because Apple believes consumers won't buy its products. The economy may go into a slow down. A phenomenon which is beyond Apple's control but will put the breaks on Apple's recent growth. They are cautiously reflecting the reality of the current market.

Apple believes people will buy its products, just not as many of them as was previously believed. Hence, the huge Apple sell-off.

Also the economy may not slowdown as much as feared and Apple may beat these estimates.

Yep. Or the whole thing could go to s***. We'll have to see.

Apple can't control the economy, but they can control their product portfolio and pricing. Let's hope for some adroit moves on both fronts.


.

[SpamSandwich]

Originally Posted by g3pro

AAPL is a consumer-spending-dependent company. All signs point to recession, including decreased consumer spending. If it affects Apple, and Apple includes it in the guidance, you know that the near term is not good news for Apple, hence the AAPL sell off.

The market is typically emotional, seldom rational. For example, I would guess that the biggest buyers of iTunes and iPod products are young people, who typically spend the most on impulse items... in this case, downloads. The market is just laying a goose egg right now. If it starts to look like an Obama or Clinton presidency is in the offing later in the year, expect the market to really take a dump.

[MacTel]

Mainly due to movie rental content arriving in Europe this year. Europe hasn't had much content to use on the AppleTV so hopefully that will change real soon this year as Jobs stated it would.

The movie rental bit makes the AppleTV more appealing but the barrier to entry is still steep. Even though Apple dropped its price $229 is still a leap above $50 for a DVD player. Though it is quite a bit cheaper than a HD player. I don't have an HD TV yet so the value proposition isn't there for me yet.

I believe just $30 cheaper would have pushed the AppleTV to the hot item list. $199 is a magical price point. I'll hold out hope that fall will see the AppleTV prices drop to that level then I'll put that on my Christmas wish list.

With over $18 billion in cash Apple could well afford to buy EyeTV and incorporate into a new model AppleTV.

Why doesn't Apple make the AppleTV in a black model? I pay a bit extra for that color.

[monstrosity]

Originally Posted by TBaggins

I feel your pain. I seriously though about selling at $200 in late December, but I thought, "There should be some good announcements at MacWorld. And if not, the earnings call should be stellar enough to set everything right."

Ugh.

.

exactly the same here. I have been saying to all my friends for well over a year that the housing market was a dom com doom waiting to happen, and it was obviously getting close, @ $200 it was tempting to sell but Macworld was just round the corner.
Annoying, but I'm gonna treat this as a lesson and as a buying opportunity, I have just doubled my stake in Apple. I have great confidence the company will be back up there before long.

[TBaggins]

Originally Posted by MacTel

I believe just $30 cheaper would have pushed the AppleTV to the hot item list. $199 is a magical price point. I'll hold out hope that fall will see the AppleTV prices drop to that level then I'll put that on my Christmas wish list.

Agreed. For whatever reason, $199 is just a much sexier pricepoint than $229. And its not like Apple's margins aren't fatter than Vida Guerra's ass.

Why doesn't Apple make the AppleTV in a black model? I pay a bit extra for that color.

Ditto.

.

[TBaggins]

Originally Posted by SpamSandwich

The market is just laying a goose egg right now. If it starts to look like an Obama or Clinton presidency is in the offing later in the year, expect the market to really take a dump.

Why? The economy was a lot better under Hil's husband than it ever was under Dubya.


.