Apple Bonds In ETFs: If, When And How?
Matt Tucker
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Wed, May 22
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3 Selected 'Strong Buys' From S&PBret Jensen • Wed, May 22 -
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Daily Equity Brief: Bull Signals And SentimentJon Haghayeghi • Wed, May 22 -
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Apple Bonds In ETFs: If, When And How?Matt Tucker • Wed, May 22
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3 Selected 'Strong Buys' From S&PBret Jensen • Wed, May 22
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Daily Equity Brief: Bull Signals And SentimentJon Haghayeghi • Wed, May 22
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Apple's CEO Discusses F4Q12 Results - Earnings Call TranscriptThu, Oct 25, 2012 • 6 Comments
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Apple's CEO Discusses F3Q12 Results - Earnings Call TranscriptTue, Jul 24, 2012 • 18 Comments
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Apple's CEO Presents at WWDC 2012 Keynote Address (Transcript)Tue, Jun 12, 2012 • 2 Comments
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Apple's CEO Discusses Q2 2012 Results - Earnings Call TranscriptTue, Apr 24, 2012 • 13 Comments
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Apple's CEO Discusses Q1 2012 Results - Earnings Call TranscriptTue, Jan 24, 2012 • 7 Comments
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Apple's CEO Discusses Q4 2011 Results - Earnings Call TranscriptTue, Oct 18, 2011 • 7 Comments
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Apple Management Discusses Q3 2011 Results - Earnings Call TranscriptTue, Jul 19, 2011 • 1 Comment
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Apple Management Discusses Q2 2011 Results - Earnings Call TranscriptWed, Apr 20, 2011 • 10 Comments
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Apple Management Discusses Q1 2011 Results - Earnings Call TranscriptTue, Jan 18, 2011 • 2 Comments
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Apple's CEO Discusses F4Q10 Results - Earnings Call TranscriptMon, Oct 18, 2010 • 15 Comments
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Apple Inc. F3Q10 (Qtr End 06/26/10) Earnings Call TranscriptTue, Jul 20, 2010 • 4 Comments
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Apple Inc. F2Q10 (Qtr end 03/27/10) Earnings Call TranscriptTue, Apr 20, 2010 • 7 Comments
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Apple Inc. F1Q10 (Qtr End 12/26/09) Earnings Call TranscriptMon, Jan 25, 2010 • 5 Comments
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Apple F4Q09 (Qtr End 9/26/09) Earnings Call TranscriptMon, Oct 19, 2009 • 6 Comments
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Apple F3Q09 (Qtr End 6/27/09) Earnings Call TranscriptTue, Jul 21, 2009 • 1 Comment
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Apple, Inc. F2Q09 (Qtr End 03/28/09) Earnings Call TranscriptThu, Apr 23, 2009
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Apple Inc. F1Q09 (Qtr End 12/27/08) Earnings Call TranscriptWed, Jan 21, 2009 • 4 Comments
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AAPL vs. ETF Alternatives
Company Description
Apple Inc. and its wholly-owned subsidiaries (collectively “Apple” or the “Company”) design, manufacture, and market personal computers, mobile communication devices, and portable digital music and video players and sell a variety of related software, services, peripherals, and networking... More
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- | Earnings
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- | M&A
- | On the move
- Wednesday, May 22, 10:18 AM Apple's (AAPL +1.6%) bondholders have lost some $280.6M on paper (somewhat cleverly dubbed an "iLoss" by WSJ) since the debt was issued last month as speculation of QE tapering has sent 10-year Treasury yields climbing. Losses on the 10-year "iBond" sat at ~$137M through Tuesday as prices sunk to 97.377 cents on the dollar. The spread to Treasurys has also widened since issuance, Bloomberg says. 12 Comments [Tech]
- Wednesday, May 22, 8:08 AM Apple (AAPL) gains 1.1% premarket as Morgan Stanley's Katy Huberty says iPhone sales are tracking at about 31M units in the June quarter, well ahead of her team's expectation of 26M and Street consensus of 27M. 6 Comments [Tech, On the Move]
- Tuesday, May 21, 6:01 PM Apple (AAPL) roundup: 1) iOS 7 will reportedly feature integration with additional online services, including Flickr (YHOO) and video site Vimeo. Yesterday, Yahoo announced a big overhaul for Flickr. 2) Peter Misek remains downbeat, predicting Apple's gross margin will be pressured by its use of OGS touch sensor tech in the iPhone 6 (differs from the iPhone 5's in-cell tech), and by app processor price hikes from Samsung (checks indicate 25%-50% hikes). 3) As Senate hearings dominate headlines, EU leaders are looking to end the tax shelters Apple and other tech companies have created. 4) BrandZ again ranks Apple the world's most valuable brand; it's followed by Google IBM, McDonald's, and Coca-Cola. (Apple/Yahoo report) 12 Comments [Tech]
- Tuesday, May 21, 11:52 AM Tim Cook (AAPL) testifies at a Senate hearing on corporate offshore taxes. "We don't depend on tax gimmicks," Cook asserts, while pushing for a big overhaul of U.S. corporate tax code. "Apple has always believed in the simple, not the complex." Sen. John McCain isn't satisfied with Apple's defenses, claiming the company "has violated the spirit of the law if not the letter of the law." Sen. Rand Paul has strongly defended Apple. "Congress should be on trial here for creating a byzantine tax code." (previous) 36 Comments [Tech]
- Monday, May 20, 7:07 PM Loopholes allowed Apple (AAPL) to avoid $44B in U.S. taxes from 2009-2012, claims a Senate report released shortly after Apple's official statement. Though peers have also been accused of using offshore havens, the report argues Apple went further by creating a subsidiary (responsible for ~1/3 of profits from 2009-11) that used differences in U.S. and Irish law to have no residence whatsoever. Sen. Carl Levin calls this "the Holy Grail of tax avoidance." Also, while Apple claims $6B in FY12 federal tax payments, the report claims the real number is $2.4B if one backs out deferred payments on foreign cash (only paid if/when the cash is repatriated). 67 Comments [Tech]
- Monday, May 20, 4:03 PM Apple (AAPL) releases Tim Cook's official statement (.pdf) to the Senate ahead of his Tuesday appearance at a hearing on corporate tax payments. Among other things, Apple claims it paid ~$6B in federal taxes in FY12 and a 30.5% effective federal tax rate, and that its foreign units don't engage in the practices the hearing focuses on (the shifting of IP to offshore havens, revolving loans from subsidiaries, etc). The company proposes a tax system that's "revenue neutral, eliminates all tax expenditures, lowers tax rates and implements a reasonable tax on foreign earnings." (previous) 44 Comments [Tech]
- Monday, May 20, 2:03 PM Apple (AAPL +1.9%) roundup: 1) Brian White cites Chinese 3G growth as a reason for his $888 PT: he points out China's 3G sub base rose 83% Y/Y in April to 293.1M, and is expected to hit 375M-400M by year's end. China Mobile (CHL - previous) had 120M 3G subs; China Unicom (CHU) had 92M, and China Telecom (CHA) 81M. 2) Taiwan's Economic Times reports Apple is testing 1.5" OLED displays for an iWatch, and that "market rumors" indicate Foxconn has received iWatch trial production orders. 3) Digitimes reports MacBook orders are expected to grow 20% Q/Q in Q2, as Apple launches new systems sporting Intel Haswell CPUs at June's WWDC conference. 17 Comments [Tech]
- Saturday, May 18, 6:23 PM 32% of Q1 U.S. smartphone sales involved prepaid phones, up from 21% a year ago, says NPD. That trend could spell trouble for AT&T (T) and Verizon Wireless (VZ, VOD), whose recent growth has been heavily tied to selling costly postpaid data plans. With 72% and 61% of the carriers' postpaid bases now respectively on smartphones, they face pressure to gain prepaid buyers without cannibalizing postpaid subs. Cannibalization fears have led AT&T and Verizon to make their prepaid plans 3G-only; Sprint (S) and T-Mobile (TMUS) offer 4G. A mix shift towards unsubsidized prepaid phones could also be a challenge for Apple (AAPL), estimated to have just 8% of the Q1 U.S. prepaid smartphone market (though that's up 4x Y/Y). 16 Comments [Tech]
- Saturday, May 18, 11:57 AM "There are only four sources of high-quality maps," Google, Waze, Navteq, and TomTom (TMOAF.PK), says Rolfe Winkler, and given Facebook's rumored $1B acquisition of Waze, TomTom may become an attractive takeover target for the likes of Apple (AAPL) and others who, while able to drive a hard bargain on map licensing fees, may prefer to bid for the Netherlands-based company rather than worry that a rival will acquire it. TomTom trades at an EV/EBITDA ratio of just 6x. (From December: Rabobank puts AAPL/TomTom odds at 30%) 32 Comments [Tech, M&A]
- Friday, May 17, 4:34 PM iRadio (AAPL) is "still bogged down in licensing talks," music industry sources tell The Verge's Greg Sandoval. In addition to Sony (already reported to have rejected Apple's licensing terms), BMG is said to be holding out for a better deal; one has reportedly been signed with Universal. Apple's interest in offering on-demand options not found on Pandora (P) and other Web radio services has reportedly complicated talks. Past reports stated Apple is aiming for a summer launch. 14 Comments [Tech]
- Thursday, May 16, 6:50 PM Apple (AAPL) roundup: 1) Tim Cook is set to testify before Congress during a hearing about corporate offshore cash. He's defending Apple in advance, and says the company will offer tax reform proposals. 2) Though a number of big hedge funds pared or unwound their Apple positions in Q1, the number of "top-tier" funds with positions held steady at 148, per Insider Monkey's analysis. 3) A couple of intriguing Apple patent applications: one for an iPhone-based e-wallet with transaction-specific "smart menus," and one for a large-display touch sensor panel meant to improve response times. 19 Comments [Tech]
- Wednesday, May 15, 6:08 PM App store downloads have topped 50B, Apple (AAPL) boasts. The announcement comes 14 months after downloads hit 25B. Google announced earlier today Play downloads have passed 48B and totaled 2.5B last month. ABI estimated in March Apple's 2013 App Store revenue (exc. payouts) would be near $4.9B. Also: Susquehanna has started coverage with a Hold and $480 PT: the firm thinks a bigger iPhone is crucial (it doesn't expect one at least until Q1 2014), and worries iPad sales could miss consensus. (earlier) 18 Comments [Tech]
- Wednesday, May 15, 5:53 PM David Einhorn’s Greenlight Capital took a 4.9% stake in Oil States International (OIS), a company he declared a target for shareholder activism target last week; Greenlight now ranks as the no. 5 shareholder in OIS. The fund also boosted stakes in Apple (AAPL) to ~2.4M shares from 1.3M (earlier) and Marvell Technology (MRVL) to 51.8M shares, more than 10% of shares out. New stakes: HES, SPR, GMCR, IACI. 8 Comments [Energy, Tech]
- Wednesday, May 15, 3:40 PM More from Gundlach: Not concerned about inflation, he calls TIPS (TIP) "pretty bad" investments and says he'll be a buyer if the 10-year (TLT) yield bounces back to 2% (off 3 bps today to 1.94%). As for the inevitable Apple (AAPL -3.3%) question - he prefers the common stock to the just-issued bonds. Warren Buffett says he prays for stocks he owns to go down in price - it allows him and company repurchase programs to buy at better prices. Is Apple putting money to work the last couple of days? 15 Comments [Tech]
- Wednesday, May 15, 2:50 PM Apple (AAPL -4.2%) roundup: Tiger Global joined the unrelated Tiger Management in selling Apple shares in Q1, lowering its stake to 260K shares from a prior 1.05M (13F). 2) According to the iRumor mill's latest updates, the retina iPad Mini will have the same resolution (2048x1536) and processor (A6X) as the retina 4th-gen iPad; the iPhone 5S will replace the tradition home button with a touch-sensitive sapphire button (a positive for GTAT); and the iPhone 5S will have an improved camera to go with a fingerprint sensor. 3) The DOJ accuses Apple of being the ring-master in an e-book price-fixing scheme (previous); Apple calls the accusation "absurd." 4) Joe Weisenthal observes Apple's price movements have correlated some with gold's. 21 Comments [Tech, On the Move]
- Wednesday, May 15, 9:30 AM Julian Robertson's Tiger Management unloaded the 42K Apple (AAPL) shares the firm still had going into Q1. Tiger, which has owned Apple for years, had pared its stake from 101K in Q4. On the other hand, Tiger initiated positions in Dunkin' Brands (DNKN - 546K shares), Monsanto (MON - 192K), McGraw Hill (MHP - 408K), and H&R Block (HRB - 849K). AAPL -1.1%. (13F) (Q4 hedge fund sales) 26 Comments [Tech]
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Maria Auziliadora
$AAPL Federal Reserve has to give their speach I bet they are loading on the market since they made the market come down - View all 6 replies
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pocohonta: I'm gonna talk to my accountant about incorporating in Ireland, hold my board meeting here in USA, then pay tax-free dividend' into it : )
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hotnutsjesus: kwH? what numbers are you using? I am talking about Oil companies getting free money from the gov't.The green initiative is pretty diff imo -
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Energysystems: lol, but don't forget, our elected sponges are money hungry!
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XIV_TRADER
$AAPL McCain says what he really wanted to ask is "why the hell I have to keep updating the apps on my iPhone." lol - View all 1 replies
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Vegas Ben: TC responded that it is to make them better, but that is a lie. Everybody knows that the real reason is to add more ads to the apps.
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LATEST REPLIES
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combatcorpsmanVN
$AAPL - bring the money back home -- pay the taxes due. The US is the best country on earth -- quit screwing the United States!!!! - View all 15 replies
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Maria Auziliadora: yes it does but compare the percentage that GOOG is up
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Vegas Ben: That has very little to do with taxes. It has to do with future growth prospects!
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hotnutsjesus: kwH? what numbers are you using? I am talking about Oil companies getting free money from the gov't.The green initiative is pretty diff imo
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schwak: nice play on the devil. i have three of your articiales but, may i ask.... do short are buy long, i ask cuase you only seem to talk tech.
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pocohonta: The Senate's Apple bashing today only made small dent on stock price. Bodes well for an reversal up-move now that selling pressure subsided.
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Vegas Ben: It held up better than I expected, but there still seemed to be downward pressure towards the end of the day.
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pocohonta: I'm gonna talk to my accountant about incorporating in Ireland, hold my board meeting here in USA, then pay tax-free dividend' into it : )
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Perkins Cove: Helio....your thread....you get the last word. I just feel sorry for you.
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Energysystems: lol, but don't forget, our elected sponges are money hungry!
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combatcorpsmanVN
$AAPL US politicians soak up all the Lobbyist money available from corporations and then pretend to regulate corporate activities -HYPOCRACY - View all 3 replies
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Perkins Cove: "Politicians are people who, when they see the light at the end of the tunnel, go out and buy more tunnel" - John Quinton
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combatcorpsmanVN: Thank you for remembering and for your thoughtfulness. Much appreciated.
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Noodlez
$BBRY lower (on no news) than $AAPL (tax avoidance) even with cook's public hearing today. amazing! http://nyti.ms/191tW3c - View all 11 replies
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Vegas Ben: To me, the fact that it is near even after the huge amount of public bashing yesterday is a good sign, but waiting is probably a good idea.
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Vegas Ben: As I read the live blogs of the hearing,I'm reminded that Congress is inept and unable to accomplish much of anything, especially tax reform
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XIV_TRADER
$AAPL McCain says what he really wanted to ask is "why the hell I have to keep updating the apps on my iPhone." lol - View all 1 replies
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Vegas Ben: TC responded that it is to make them better, but that is a lie. Everybody knows that the real reason is to add more ads to the apps.
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Stone Fox Capital
This tax hearing on $AAPL is absurd. Good job Congress, everybody knows the laws are flawed. - View all 5 replies
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Energysystems: DC is filled with elected robber barons, who only care about their own.
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TruffelPig: AAPL stock has regained all losses and is green now. People seem to agree with you all!
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hahaha48: I did not know that loophole. NO taxes at all anywhere. We need an alternate minimum tax for corporations just like for individuals -
Sam Liu: this foreign tax avoidance is hurting foreign govt budgets. Contributing to the global decline!
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Christopher F. Davis
$GOOG to 1,000 talk reminds me of the old $AAPL talk. Might be worth throwing 300 bucks into a way out of money put lol. - View all 1 replies
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Jason Burack: The trend trading hedge funds & HFT will turn that into a bubble too