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Apple Inc. (NASDAQ:AAPL) shares surged more than 9 percent in late trading after reporting a blow out quarter. The tech giant reported net income of $13.1 billion ($13.87 per share), an increase of 116 percent from the previous year quarter. Apple finished 2011 with $97.6 billion cash equivalents. According to Zero Hedge, “If Apple were a country, and its cash was equivalent to GDP, it would rank as the world’s 58th largest economy, above such countries as Slovakia, Iraq, Luxembourg, and Syria.” Apple suppliers such as Cirrus Logic Inc. (NASDAQ:CRUS), Qualcomm Inc. (NASDAQ:QCOM) and Nuance Communications Inc. (NASDAQ:NUAN) all received a boost from the results.
Shares of Advanced Micro Devices Inc. (NYSE:AMD) dropped 2.6 percent after the closing bell. The company reported a fourth quarter loss of $177 million (24 cents per share), compared to a profit of $375 million (50 cents per share) in the previous year. Intel Corp. (NASDAQ:INTC) shares increased .20 percent on the results.
Earnings Report: Apple Reports Higher-Than-Expected Net Income
Yahoo! Inc. (NASDAQ:YHOO) shares edged nearly 1 percent lower after saying fourth quarter profit declined by 5 percent. Revenue, excluding costs relating to acquiring traffic, declined from $1.2 billion to $1.17 billion. “The results were generally in line with expectations, and not too much was expected,” said Herman Leung, who covers Yahoo for Susquehanna Financial Group. AOL Inc. (NYSE:AOL) are flat on the news.
Despite reporting a 19 percent jump in profits, Norfolk Southern Corp. (NYSE:NSC) shares fell almost 3 percent in extended trading. Fourth quarter profit increased to $480 million ($1.42 per share), while revenue jumped 17 percent. Other rail names such as CSX Corp. (NYSE:CSX) and Union Pacific Corp. (NYSE:UNP) also fell in late trading.
Investor Insight: Currency Wars Are Driving Gold and Silver Higher
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