After Hours Action: Apple

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Shares of Apple were among the most active after hours with the stock making substantial moves.

At one point they were up as much as 9% after the firm surprised Wall Street with a slight earnings uptick that easily beat expectations.

The maker of the iPhone, iPods and Mac computers said it earned $1.78 a share in its fiscal first quarter, excluding one-time items. Apple garnered a profit of $1.76 a share in the same period last year.

Sales rose to $10.17 billion, up from $9.608 billion last year.

If you watch Fast Money regularly, you probably suspected this kind of up-side surprise. On Tuesday's show Piper Jaffray analyst Gene Munster said he anticipated strength from Apple.

He told us,“Apple’s performance in December not only saved the quarter – but may have propelled earnings beyond Wall Street projections,” and then he went over the numbers.

In fact, Pete Najarian was so impressed by what Munster had to say he bought calls after the interview.

Now that's Fast Money!


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Trader disclosure: On Jan. 21th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (MCD), (BAC), (C), (TM), (MSFT); Seymour Owns (AAPL), (BAC), (F), (EEM), (FXI), (TSO); Finerman's Firm Owns (DNA), (AEO), (MSFT), (PM); Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY), (USO); Najarian Owns (EEM) Call Spread; Najarian Owns (FCX) & (FCX) Short Calls; Najarian Owns (MS) Stock; Najarian Owns (MS) Short Calls & Short Put Spread; Najarian Owns (NVLS) Calls; Najarian Owns (PALM) Call Spread; Najarian Owns (XME) Long Calls; Najarian Owns (APPL) Call Spread; Najarian is Long (PALM) Call Spread; Najarian Owns (GGB) Long Calls

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