About two hours ago Apple reported their best quarter ever. Part of that was due to the iPhone, and sales of the iPhone were up 100% from the year-ago quarter. How does Edwin Chan describe a double in sales? “Lackluster”.

In an article he titled “Apple posts record Mac sales, iPhone lackluster” Edwin quotes Kaufman Bros analyst Shaw Wu: “What we do know is the iPhones were light. People were looking for closer to 9.5 (million).”

What people? Analysts like Shaw who don’t work for Apple? A company just had its best quarter ever and DOUBLED its iPhone sales from the year-ago quarter. How in any sense of fact-based reality, can that be “lackluster”? How is that “light”?

But the truth is that the stock market doesn’t function based on fact. It functions based on people with microphones and whatever they choose to say.