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Apple Calls In Profits
Apple (AAPL), the cutting-edge technology heavyweight, posted significantly better-than-expected results for the second quarter of fiscal 2010 (ends September 25th), which sent its shares to a fresh 52-week high. Indeed, share net of $3.33 for the March interim came in well ahead of our $2.28 estimate and Wall Street's consensus view of $2.45, thanks to strong revenues and gross margins. In particular, the company benefited from brisk iPhone demand and share gains for its core Mac line. These positive trends are apt to persist too, given Apple's product momentum (it upgrades its lines at least once a year) and still-huge market opportunity.