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Morning Outlook

Apple Bites Wall Street's Rally

By Morning Outlook FOXBusiness

Morning Business Outlook: 1/24/13

IBM leads market rally, Dow closes in on 14k

The stock market is on fire.  

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The Dow Industrials closed at 13779 Wednesday -- within 221 points of 14000.  A rally in IBM (IBM) shares accounted for nearly all of the Dow's gains.

The S&P 500 sits within less than 6 points of another key level, 1500, and very close to its highest level in history: 1565.

However, Apple (AAPL) earnings could take a bite out of the enthusiasm. That's because it's weighted so heavily in the S&P and the Nasdaq.

Apple shares are down 8.8% in pre-market trading even though the tech giant reported record quarterly revenue of $54.5 billion. Unfortunately, that wasn’t enough for some bullish analysts who were expecting more.  

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They're worried that demand for iPhone 5 is waning. iPhone is the money-maker for Apple, accounting for more than half of its revenue.  Apple sold 47.8 million iPhones in the final three months of 2012.  

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It sold 22.9 million iPads and 4.1 million Mac computers during its fiscal-first quarter.  There are also concern that some Apple's products are "cannibalizing" on others; for instance, huge growth in iPads could be hurting Mac sales.

If you're taking a trip soon, you may want to consider these data from The Jet Airline Crash Data Evaluation Center.  It ranks the world's airlines based on the number of destroyed planes and passenger deaths.  Since 1983, China Airlines had 8 destroyed planes and 755 deaths; it ranks the worst on the list of 60 airlines.

Rounding out the top five most dangerous airlines: TAM Airlines, Air India, GOL Transportes Aereos, and Korean Air.

Here's how U.S. carriers fared: SkyWest at No. 10; U.S. Airways (LCC) at No. 17 and American Airlines at No. 19.