By Jon Friedman | Jon Friedmans Media Matrix July 25, 2013 at 8:23AM
As usual, Apple (s: AAPL) is the talk of Wall Street. Let me amend that: As always, Apple is the talk of Wall Street.
Sometimes, you get the feeling that Apple is the sun and these other companies -- Google, Facebook, Netflix and all the rest -- are merely stars floating around it.
Wall Street loves to debate whether Apple is finished or if it is still the most promising game in town. Not that many people subscribe to the latter view any more, but you'll find enough bottomfishers -- folks who like to buy a stock on its way down, hoping they can grab a big bargain -- to keep an argument moving along.
Apple's recent earnings statement continued the debate because there was some good news and some not so hit information. But the promising data may be enough to keep the Apple bulls feeling happy.
The biggest headline was the result of 31.2 million iPhone units sold in the three-month period, far ahead of Wall Street's best estimates. Further, revenue in the fiscal third quarter came to $35.3 billion, which was reassuring. Net income was $6.9 billion, or $7.47 per share. Apple presented gross margin of 36.9%, which was also at the high end of its projection. Read more: http://www.fool.com/investing/general/2013/07/24/apple-puts-its-money-where-its-mouth-is.aspx?source...
What does it all mean?
Tim Cook, who succeeded the late Steve Jobs, has still not given Apple shareholders what they crave form him: a shiny new Apple blockbuster product. Selling a lot of iPhones is impressive but it is not going to excite the stockholders forever.
When Apple can announce the birth of an exciting new i-Anything, Wall Street will get excited.
Don't let Apple drive you crazy. This is not a stock for the weak-kneed investor.