Tuesday, July 19, 2011

Does the Apple fall far from the US economic tree?

Well, unless you're living under a rock you're going to hear plenty about Apple's monster earnings today.

Over 9 million iPads sold

Over 20 million iPhones sold

Over 7 million iPods sold

Two days ago the stock market was breaking down because it looked like we were falling back into a recession and the government seemed headed for either default or a weak extension of the debt ceiling.

Now because Apple had a great quarter is all well. As a reminder, Apple designs most of it's products in the US, but they are almost all manufactured in China and now 62% of their sales come from overseas. It's amazing that some will draw broad conclusions about the US economy based on a "toy" company that makes devices designed to distract.

Cheers!

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