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

XCSFDHG46767FHJHJF

tdp2664 InvestorPlace 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 .