NEW YORK (TheStreet) -- I've never been a person who tells a great joke. In fact, if there is a good joke, chances are I would end up screwing up either the delivery or the punch line, or both.But have you heard the one about Apple's ( AAPL) impending collapse following its earnings miss on Tuesday? It is said to be of "RIM-like proportions." If you haven't heard it, you're not missing anything because the joke is not very funny.
After the report was released, the stock dropped 5% after hours. The question is, will it find a new near-term low exceeding its previous level of $522? Not likely. The anticipation of the iPhone 5 and iPad mini clearly cannibalized its second-quarter sales to some degree, and I think astute investors understand this. All this quarter proves is that the people running Apple are human and its performance is based on real macro events and not magic. Apple is hated by many for one reason and one reason only -- it is loved by many more! I hope that makes sense. If not, here's what I mean. It is not the company's fault that its stock has taken on a life and popularity never before been seen. In fact, in many respects the love affair with the AAPL ticker has been (admittedly) awkward. I have seen the ticker "AAPL" on several license plates across many states. The phenomenon has exceeded rationality. What's more, the popularity of the iPhone and iPad has served to only compound the issue, which has resulted in consistently high expectations for the company, many of which it has been able to not only meet but blow out of the water.