Apple’s second quarter 2008 earnings proved to be a huge blowout, though Wall Street reacted negatively to company’s conservative outlook. Well, they are almost always wrong on Apple - which is clearly a sentiment driven company.

Nevertheless, the highlight of the quarterly earnings was the supercharged Mac sales. The numbers match-up with recent reports that Apple was leaping up the US PC-sales charts. Revenues for the quarter were up 38%, highest since 2005 despite slowing iPod sales and scant iPhone sales.

Peter Oppenheimer, Apple CFO was conservative in his outlook for the September 2008 quarter giving many reasons, including “a future product transition.” Analysts from Technology Business Research think that “Product transition” is Apple-speak for cool new stuff. I concur. So what could be on menu?

TBR believes Apple will refresh its notebooks with the latest Intel Centrino 2 processors, which will improve performance and increase battery life. We think the company will do more than update internals, however. In addition to a redesign, TBR believes Apple will add TV tuners and may introduce a larger screen MacBook. To maintain the necessary product differentiation, Apple will probably use quad-core processors for the new MacBook Pros. iMac desktop PCs are not likely to get a dramatic overhaul, but Apple will probably beef them up.

What that means: Apple is going to do more than fine this coming quarter. Not only iPhone sales will goose up their revenues, the new products could add ore oomph to the company bottom line. The big cloud on Apple: Steve Jobs health.