"It's the largest weight within the S&P 500 at 2.8 percent. In the Nasdaq 100, it's 11.8 percent. It definitely has the ability to influence things," he said. "It should be interesting to see if investors look through it, and see this as the last tricks to pull out the of the book as far as more buybacks and the stock split."
Apple beat expectations on iPhone sales, selling 43.7 million units, well above the 38 million expected for the quarter. But iPad sales missed the mark, with 16.5 million unites sold compared with 19.8 million expected.
IPhone revenue for the second fiscal quarter were down 20 percent from the prior quarter, but were up 14 percent from a year ago. First-quarter sales are traditionally much stronger. Mac unit sales were down 14 percent from the prior quarter but up 5 percent from a year ago. IPad unit sales were down 37 percent from the first quarter and down 16 percent from a year ago.
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"Those are really—surprisingly good numbers, especially on the iPhone. I think it goes without saying, that you gotta take a little bit into context of the negative surprise there on the iPad, but the iPhone is more important," said Gene Munster, senior research analyst at Piper Jaffray. "I think it's a bigger part of their business and a bigger part of their growth story longer term, and so I think investors should feel a sigh of relief on these numbers."
Besides Apple, the focus Thursday will be on the flood of earnings releases. General Motors, Eli Lilly, AstraZeneca, American Airlines, United Continental, Raytheon, PutleGroup, Starwood Hotels, JetBlue, Dunkin Brands, Peabody Energy, Novartis and Celgene are among the many pre-market reports. Starbucks, Visa and Baidu report after the bell.
There are also unemployment claims and durable goods data at 8:30 a.m. Thursday. The Treasury auctions $29 billion in 7-year notes at 1 p.m. ET.