Apple taking big bite at profits

Apple is set to affirm this week that its six-month-old iPad tablet computer is selling well despite a shaky consumer market, while the iPhone continues to fend off a strong challenge from rival Google. Analysts expect fourth-quarter earnings to showcase Apple’s powerful one-two punch of the iPhone and the iPad, although some still question whether, with a plethora of rival products set to hit store shelves, Wall Street can justify Apple’s stratospheric valuation. The shares of the second largest corporation in the S&P 500 jumped more than four per cent on Friday as anticipation mounted ahead of today’s report.