That company was Leap and it sells pre-paid phones. The morale of the story seems to be that high-end phones are best sold subsidized. Reading any more into it seems a stretch.
The Chinese New Year was last quarter yet everyone seems to be dismissing that. Last year Apple totally blundered the holiday yet still posted numbers that nearly matched Q1. This year they were ready and the numbers from China appear to be staggering. Earnings of 10.5B should be very attainable.
Really? So if Apple "only" makes $10B this quarter then the stock should make the current drop look like child's play? That would give Apple earnings of over $25B for the first 2 quarters. You just aren't going to get earnings like that at the current share price from any other company out there. Apple supposed "missed" three out of the last four quarters yet posted the 2nd best year earnings-wise ever for a corporation. The idea of misses is silly.
Earnings won't save the stock, short term. Next earnings will be flat, which may or may not propel more profit-taking. Eventually, the stock will gravitate to its true bottom, which is 325-350. Then, it'll have to float around there for 1-2 quarters. There will be trading opportunities during this time, but as far as real growth is concerned, the next product cycle will have to kick in first. That is a ways off from here.