Apple Computer (AAPL) is flat at $203.07 after the co. reported first quarter earnings of $3.67 per share on $15.68 billion in revenues. Analysts were expecting $2.07 on $12.06 billion. The lackluster reaction in shares stems from uncertainty related to the impact of new accounting rules, which requires Apple to recognize revenue and costs for iPhones and Apple TV when those products are delivered to customers. It led to an acceleration of earnings and revenues. So, shares are flat despite the strong headline numbers. Feb 210 and 220 calls are among the most actively traded equity contracts early, with some premium sellers likely disappointed with the poor reaction in the share price.