Apple Reports Earnings Doubler! – Tuesday’s IP Market Recap

The ubiquitous iPhone did it again. Apple (NASDAQ: AAPL ) reported a
first-quarter earnings increase of 118% handily beating Wall Street
expectations with most of the credit going to strong sales of its powerhouse
smartphone. Apple's earnings for the period were $13.87 per share ($13.1
billion), up $7.44 per share from the year-ago period and easily besting Thomson
Reuters analysts' EPS expectations of $10.08. Revenues of $46.3 billion bested
Q4 2010 by 73% and beat expectations of $38.85 billion. Apple shares shed 1.6%
before Tuesday's afternoon report, but were up more than 7% in delayed
after-hours trading . Also reporting Tuesday was Yahoo (NASDAQ: YHOO ), which
announced adjusted EPS of 25 cents on $1.32 billion in revenues, beating
estimates of 24 cents and $1.19 billion, respectively. YHOO shares have traded
slightly up (1%) since co-founder Jerry Yang stepped down from Yahoo's board
of directors , but they traded flat in Tuesday's run-up and didn't move much
immediately after the bell. Tuesday also was a slightly upbeat day for the Dow
Jones Industrial Average, but the five Dow Jones components that reported
earnings this morning didn't really help the cause. DuPont (NYSE: DD ),
Johnson & Johnson (NYSE: JNJ ) and McDonald's (NYSE: MCD ) all reported
earnings beats Tuesday. But while DuPont ticked up all of 0.1% and J&J finished
absolutely flat, McDonald's took a 2.2% cut its largest single-day drop in
about a month with investors turning their noses at MCD's 10th straight
quarter of double-digit earnings growth. Meanwhile, Verizon (NYSE: VZ ) dropped
1.6% after taking a huge one-time pension hit and also falling short on adjusted
earnings expectations, but The Travelers Companies (NYSE: TRV ) was the
hardest-hit Dow component, down 3.8% despite earnings in line with Wall Street
estimates. Three Up Polycom (NASDAQ: PLCM ): Up 13.2% ($2.43) to $20.85. Diamond
Foods (NASDAQ: DMND ): Up 9.6% ($3.14) to $35.79. EMC Corp. (NYSE: EMC ): Up
7.3% ($1.70) to $25.14. Three Down InterDigital (NASDAQ: IDCC ): Down 19.3%
($8.56) To $35.89. Nokia (NYSE: NOK ): Down 8% (46 cents) to $5.27. Kodiak Oil
(NYSE: KOG ): Down 5.7% (55 cents) to $9.07. Kyle Woodley is the assistant
editor of InvestorPlace.com. As of this writing, he did not hold a position in
any of the aforementioned securities. Check out recaps from previous trading
days here .