Following the close of trading in New York on Tuesday Apple will release June quarter results. While the expectations of analysts vary, Apple will report record or near-record revenue and earnings. The company will also report more than $3 per share has been added to its coffers.
Apple's share price has been under pressure due to overall market conditions, media preoccupation with the iPhone antenna non-issue and in Monday trading was pressured by the statement of CEO Steve Jobs during Friday's special event about the number of iPhone 4 handsets sold.
None of these factors should have more than a short-term impact on the share price. The big question Tuesday evening is whether or not the June quarter results and the corresponding forward guidance from management will provide enough of a catalyst to push the share price above $300 over the next few weeks. I reiterate my expectation AAPL will cross over $400 per share by May of next year.
I'll be back later this week with an early look at September quarter expectations for Apple.
Robert Paul Leitao