Apple (AAPL) is off $6 after hours. I picked some up to add to existing positions. However, I will sell this purchase and keep my core position if we get a bounce. I think that there is too much reading into AAPL decision to phase out of the Macworld media circus and have someone other than Steve Jobs make the presentation.
Macworld needs AAPL more than AAPL needs Macworld. By having someone other than Jobs speak, it allows the company to show off the talent below Jobs. Yet, traders are interpreting this move as an indication of Jobs’ potential deteriorating health. If AAPL has something new to unveil then it can do so at its own choosing. Having to force the company to meet the schedule of Macworld is plain silly.
Just as General Electric (GE) announced Wednesday that it would no longer provide guidance to analysts, APPL is saying that when it has something to say it will do so but won’t succumb to market pressures to make presentations or spoon feed analysts on a set schedule.
Disclosure: At the time of this Blog entry Scott Rothbort, his family and or clients of LakeView Asset Management, LLC was long shares of AAPL