Wednesday, July 20, 2011 1:27 PM – Market Update, Apple

The market is treading water today, looking over earnings announcements, waiting for a debt ceiling deal and clarification on the European debt crisis.

Apple just blew away their projected earnings and revenues. They always beat their estimates by a wide margin but this was really impressive. iPad sales were up 183% and iPhone sales were up more than 100%. Sales for the whole company were up 90% from a year earlier.

It is rumored that Apple may be allowed to sign on with China Mobile, the second largest mobile carrier in China. Right now they are only allowed a deal with a much smaller company. That would be huge.