Apple is trading nicely higher this morning and pushing up the Nasdaq Composite on yesterday's substantial fiscal second-quarter earnings beat.

Here's what you need to know:

1. iPhone mojo is back

Apple's iPhone number was a huge relief for the bulls. After missing consensus estimates by 4 million units last quarter, Apple beat by nearly 6 million units in the March quarter.

Units were up a very healthy 17% year-over-year, though revenues were up just 14% due to a heavy mix of iPhone 4S sales in China.

And importantly, Apple is doing much better than its rivals -- at least for now. Samsung's Q1 revenue guidance (subscription required) was light, while HTC reported a big loss for Q1.

Full story at Minyanville.