Apple ( AAPL ), driven by strong performances of the iPhone and the iPad, is projected to report a strong second fiscal quarter Wednesday, the Wall Street Journal reports .
INvestors have worried about the tech giant's supply chain after Japan's March 11 earthquake and ensuing tsunami pushed down shares of the Cupertino, California-based company. Other worries were caused by speculation that the iPhone would not be updated in the summer, as Apple typically does. And further concerns circled around speculation about shortages in production for the iPad2, which recently was released.
"While guidance (including gross margin) could negatively affect the stock, given current valuation we think the stock is attractively valued and would recover quickly," according to a client note by Keith Bachman of BMO Capital.
At 2:03 p.m. on Wednesday, Apple shares were up 2.05 percent to $344.78.
The iPhone and the iPad have been wildly popular devices, both serving as drivers of growth.
"We expect [June quarter] guidance below consensus and gross margin pressure due to Japan, but we believe this is priced into the stock," according to a note from Peter Misek of Jeffries.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
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