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  • Apple Price Target: $950 Per Share [View article]
    Charles:

    The broad market's performance will indeed impact Apple's share price performance. The company's already massive market cap is a factor in future share price appreciation.
    Aug 12, 2012. 03:55 PM | 1 Like Like |Link to Comment
  • Apple Price Target: $950 Per Share [View article]
    Although I will include the impact of anticipated product line refreshes in my forward estimates, I do not include unannounced new product lines in the numbers. I'll wait until Apple makes a product announcement about an Apple-branded HD TV before even casually commenting on its revenue, earnings and share price impact.

    It will be interesting to see if Apple chooses to enter the HD TV market with a branded product line.
    Aug 12, 2012. 03:47 PM | 2 Likes Like |Link to Comment
  • Apple Price Target: $950 Per Share [View article]
    I've said many times Apple's quarterly results represent a static snapshot of a fast-moving target. Demand for the new iPhone has been building since early in the June quarter. Over the most recent four fiscal quarters iPhone unit sales have risen 66.2%, including the recent June quarter results. During this period Apple did not have a $0/$.99 post-subsidy handset available on Verizon or Sprint and the iPhone 4S was absent a form change from design of its predecessor.

    Over the most recent four fiscal quarters iPad unit sales have risen nearly 118% without availability of the new iPad on China's mainland. My 12-month revenue growth estimate of 50% is slightly below Apple's 50.7% growth rate over the first three quarters of the current fiscal year. I do see a moderation in gross margin leading to a lower rate of eps growth than the 72.1% growth rate realized in the first three quarters of the current fiscal year.
    Aug 12, 2012. 03:38 PM | 4 Likes Like |Link to Comment
  • Apple's Melancholy Moment [View article]
    I'm also finding Mountain Lion to be quite responsive and the enhanced integration with iCloud provides for real gains in productivity. The $20 cost for the upgrade is a bargain price.
    Aug 12, 2012. 03:18 PM | Likes Like |Link to Comment
  • Apple's Melancholy Moment [View article]
    Looking at the guidance offered by a few of the major iPhone component suppliers, the market is looking for a big iPhone production ramp and success for the new handset from the start. I have no reason to disagree.

    I look forward to your view of the new iPhone handset following its release.
    Aug 3, 2012. 12:27 AM | Likes Like |Link to Comment
  • Apple's Melancholy Moment [View article]
    I'm enjoying the enhanced iCloud integration built into Mountain Lion. If you are using multiple Apple devices and iCloud to share content and documents, Mountain Lion is $20 well spent.
    Aug 3, 2012. 12:18 AM | Likes Like |Link to Comment
  • Apple's Melancholy Moment [View article]
    Marc:

    The first Patriots versus Jets game of the season isn't until late October. In the meantime, thank you for your comment.
    Aug 3, 2012. 12:15 AM | Likes Like |Link to Comment
  • Apple's Competent June 2012 Quarter [View article]
    Through the first three quarters of FY2012, Apple's revenue growth is 50.7% and eps growth is 72.1%. Apple's low multiple and high cash per share provide considerable downside protection for the share price. Factor in the return to a regular quarterly dividend program and the shares continue to trade at a decided discount to the strength of the company's balance sheet and current rates of growth.
    Jul 28, 2012. 03:47 PM | Likes Like |Link to Comment
  • Apple's Melancholy Moment [View article]
    The successor to the iPhone 4S will have a new form. Apple has invested heavily in the acquisition and development of new technologies that will be evidenced in the next flagship handset. The production ramp for the new handset will be on a scale not seen before even by iPhone standards.

    Considering the fact that Apple is financing capacity development through strategic partnerships with component suppliers and must secure key components in great quantities for the new handset, the new form is one issue but it's not the biggest issue in determining the new handset's success.
    Jul 26, 2012. 11:09 PM | 1 Like Like |Link to Comment
  • Apple's Melancholy Moment [View article]
    Apple is trading at about 13.5 times trailing 12-month earnings with expectations of very strong December and March quarters. Consumers deferring purchases in favor of the release of new Apple products has been part of the company's history since long before the iPhone.
    Jul 26, 2012. 10:18 AM | 1 Like Like |Link to Comment
  • Apple's Melancholy Moment [View article]
    Please compare those commitments to about $117 billion in cash and marketable securities on the balance sheet and the about $1 billion in cash the company generates on average each week. Since you are taking a look at the financial reports, please take a look at the company's non-cash asset depth as well.
    Jul 26, 2012. 12:47 AM | 4 Likes Like |Link to Comment
  • Apple's Melancholy Moment [View article]
    It's uninspiring compared to the March quarter's 88% unit sales gain and the December quarter's 128% unit sales gain. Granted, the prior-year June quarter's performance presented a challenging benchmark for comparison.
    Jul 26, 2012. 12:41 AM | 1 Like Like |Link to Comment
  • Apple's Melancholy Moment [View article]
    Nokia never had a broad product line nor very attractive margins. In the June quarter the iPhone represented less than 50% of Apple's reported revenue and the product line has yet to become available on the world's largest cellular services provider.

    Nokia had to abandon its operating system because it didn't keep pace with competition. Conversely, Apple sold more than 47 million iOS-based devices in the June quarter alone and has an established online customer base with over 400 million customers with accounts backed by credit cards. There's no comparison between Nokia and Apple.
    Jul 26, 2012. 12:36 AM | 1 Like Like |Link to Comment
  • Apple's Melancholy Moment [View article]
    Apple has about $124 in cash standing behind each outstanding share, is trading at a lowly 13.5 times trailing 12-month earnings and the company just reinstated a regular quarterly dividend. Much of the downside risk is already factored into today's share price.
    Jul 26, 2012. 12:22 AM | 1 Like Like |Link to Comment
  • Apple's Melancholy Moment [View article]
    Marc:

    Most Android handset makers compete far more with one another than any one Android handset maker successfully competes with Apple. Verizon and Sprint came to the table for iPhone deals specifically because Android handsets do not reduce customer churn. You may be happier with an Android phone, but the carriers are very happy to offer the iPhone to their customers.

    Competition is good for everyone including Apple. The recent activation reports from AT&T and Verizon indicate US customers are still preferring the iPhone against any other smartphone line available.
    Jul 26, 2012. 12:08 AM | 1 Like Like |Link to Comment
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