Apple Falls

Apple stock has fallen 14.5% in the last two weeks, to $153/share (it sold for as little as $147 this morning). Apple has just reported third-quarter earnings, and though they beat expectations, their tempered outlook for the future gave analysts cold feet and sent shares lower. Steve Jobs’ health problems surely didn’t make analysts any happier.

Mac sales, however, are through the roof. This is particularly cheery news considering Mac computers haven’t had any significant redesign (less the MacBook Air) in ages. If people are going nuts buying the old, outdated Macs, they’ll surely buy more of them (or pay a bigger premium for them) once the redesigned MacBook Pros/MacBooks are available (sometime in the next 12 months). Count me as one of those who is waiting for the redesign(s) to buy a new Mac.

This quarter’s iPhone sales clocked in at only 717,000, due to the shortage of first-generation iPhones prior to the iPhone 3G’s launch (remember, 1 million iPhone 3G’s were sold in the opening weekend alone). Next quarter’s report will be much more telling as to the iPhone 3G’s sales numbers, which will be stellar (somewhere in the realm of 2 or 3 million units).

Apple stock is no bargain even after its recent fall, but those growth investors looking for a well-branded firm with solid growth prospects and a reliable track record of innovative design (not to mention intense consumer loyalty) need look no further. Apple isn’t leaving the stage anytime soon.

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