Apple Recap: Analyst Concerns, iPhone Sales, and Emerging Market Blues
Shares of Apple’s (NASDAQ:AAPL) stocked trudged along Wednesday, trading far below their 52-week high of $705.o7. Still, over the course of the trading day, shares gained $9.36, or 2.06 percent, to close at $464.68. Here’s a cheat sheet to today’s top Apple stories:
Kass on Apple: It’s a Trap!
It seems like investing in Apple means committing yourself to a daily circus sideshow loosely orchestrated by analysts, pundits, and an often confused market. On any given day, based on any given trend or rumor, Apple is alternatively the stock to commit to or it’s a value trap with “no growth and profit margins that are way to high vis a vis the competition.”
Doug Kass, founder of Seabreeze Partners and provider of the quote above, is currently on the “trap” side of the fence. Speaking to CNBC, Kass said: “A year ago, Apple was selling a superior product and was charging a premium price. Now, they’re selling a less-than-superior product and still charging a premium price.”… (Read more.)