THE MARKET'S VERDICT ON APPLE EARNINGS...

The market is not all that thrilled with Apple's report, despite the fact that it beat on revenue, EPS, iPads, and iPhones.

What gives?

Apple's June guidance is weak: $33.5-$35.5 billion versus analyst estimates of $38.6 billion.

Still, it was somewhat expected that Apple's guidance would be soft.

The initial reaction the report, which included guidance, was good. The stock was up 4.5%.

It started to break down during the earnings call.

On the call, Tim Cook burst investors' bubble. He said new products are coming this fall, and throughout 2014.

That means nothing new from Apple between October of 2012 and September of 2013. That's almost an entire year with nothing from Apple.

That's not going to help the company's suddenly weak growth.

So, despite the fact that Apple committed to returning $100 billion to shareholders, the market's snap reaction tonight to this report is: Meh.