"It could well be that we are witnesses to the birth of yet another Apple ecosystem."
-- Sanford Bernstein analyst Craig Moffett in the New York Times Wednesday. After the bell, Apple (AAPL) reported a 15% jump in second-quarter net income to $1.21 billion. Sales of the iPhone surged 123% over the last quarter, with 3.79 million units sold.
"The iPhone has quieted any skeptics who thought this was a one-time event and for only the Apple enthusiasts," Moffett said. "The iPhone App Store is creating a self-sustaining competitive advantage for Apple." The iPhone's success offset a 3% drop in Macintosh computer sales--the first decline in five years. The stock was up 3% in after-hours trading to $125.08.
Meanwhile AT&T (T), the iPhone's exclusive U.S. carrier, announced a 9.7% profit decline. But that beat expectations, and the stock rise slightly. --Jessica Shambora
"If you have a stretch assignment, just take it."
-- Sallie Krawcheck, chairman and CEO, Citi Global Wealth Managment, said this to Fortune's Geoffrey Colvin in 2006. Krawcheck was Wall Street's rising star after former Citigroup (C) CEO Sandy Weill recruited her from Sanford Bernstein in 2002 to help lift Citi's reputation. Citigroup's troubles have dimmed her prominence, but since two of Wall Street's other most powerful women, Erin Callan and MOREJessica Shambora, Writer-Reporter - Jul 18, 2008 2:29 PM ET
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