AT&T Up; Apple Down

You have to appreciate those who can play the game. Wall Street is docking Apple stock because the iPhone missed expectations. AT&T, however, got a nice boost on the last two days of its quarter.

AT&T's Profit Rises On Wireless Growth (Paid link)

AT&T Inc., reported a 61% rise in net income amid recent acquisitions and said it activated 146,000 iPhone subscribers the last two days of the quarter, 40% of whom were new AT&T Wireless customers.

AT&T has an exclusive deal with Apple Inc. to sell the iPhone in the U.S., and it hit the market June 29. Expectations for the device were high and the initial results fell short of Wall Street's forecasts. Shares of Apple, which is due to report quarterly results on Wednesday, fell as much as 5% on the Nasdaq Stock Market.

Of course, incredible expectations were priced into the Apple shares already. But it's funny to watch the media coverage and think that the iPhone introduction missed expectations.

Apple - Reality Distortion Field Posted by John Kranz at July 24, 2007 10:40 AM