NEW YORK ( TheStreet) -- Apple ( AAPL) shares roared higher on a blowout earnings report in afterhours trading on Monday before pulling back. Apple blew past estimates, posting $6 billion in profits, or $6.43 a share, on $26.74 in revenue in the past quarter. Analysts were expecting $5.38 a share and $24.38 billion. For the day, the Dow Jones Industrial Average rose 50.55, or 0.43%, to 11,837.93, while the S&P 500 rose 1.74, or 0.13%, to 1,294.98. The Nasdaq added 10.55, or 0.38%, to 2,765.85. Pete Najarian said on CNBC's "Fast Money" TV show that Apple's performance was unbelievable as it delivered on every metric. Apple had gross margins of 38.5% and sold 19 million iPods, 7.33 million iPads and 4.1 million Macs. For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
3 Stocks I Saw on TV
Joe Terranova said Apple shows no signs of letting up, with strong guidance going forward. Guy Adami was impressed with its operating margin of 29.3 percent and the average blending price of Macs coming in at $1,313. Brian Kelly was impressed with the Mac sales because he believes that will be a growth area for the company. He said the new apps store for the Macs has been well received. Jon Fortt, a CNBC tech reporter who was listening to the conference call, said COO Tim Cook said the company hasn't been able to keep up with the strong demand for the iPhone 4. Cook said the average selling price for iPhones won't be declining. Ryan Jacob, of the Jacob Internet Fund, said his fund sold shares of Apple, though it still remains the largest stock in the portfolio. He said Apple's bench strength is "top notch" but that Steve Jobs is a unique CEO that is an integral part of the company's future. He said he would consider buying back shares if Apple fell to 10 times forward earnings net cash. IBM ( IBM) was the other big tech earnings story. Adami said IBM turned in the best quarter in its history, with a gross margin of 49% and a blacklog worth $142 billion. He said the valuation of the stock is fair and sees it going up to $200 in the next six months.