apple stock For the fiscal third quarter, Apple reported that earnings more than doubled from the year-earlier period as sales roared by 82%. The iPhone sold more than 20 million units for the quarter, blowing away projections closer to 17 million. IPad sales also beat estimates as the company ramped up production to meet demand. Apple executives said on a conference call that “we sold every iPad we could make.” Read full report on Apple's results. Apple’s shares had been in a relative slump for the first half of the year, as expectations for a midyear update to the iPhone were pushed out. Despite worries that consumers may put off iPhone purchases while awaiting the latest device, strong international and carrier expansion kept the device going strong. “Consumers were clearly not fazed by the lack of a midyear iPhone refresh, and our caution on a potential September demand hiccup due to a later-than-normal refresh appears to have been overly cautious,” wrote Ittai Kidron of Oppenheimer. He raised his price target to $460 from $420.
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