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COS911

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  • Jobless claims down 15K to 330K [View news story]
    Continuing claims should be more of the headline, +50K shows we are not moving people of the long-term unemployed roles--except when we remove them from the count altogether when they are no longer looking. Real unemployment is still up in the 10% range.
    Jan 9 11:27 AM | 2 Likes Like |Link to Comment
  • "Which has a higher P/E - Procter & Gamble (PG) or Google (GOOG)," asks the WSJ's Tom Lauricella. Enthusiasm for anything with yield has driven the P-E ratios of dividend payers (DVY) like P&G maybe way too high. Techs (XLK) with double-digit earnings growth, no debt, and massive cash balances trade at 12x, says MFS' James Swanson, while a utility (XLU) in Ohio is at 16x. "How far do you go with this game?" "Pretty far," says Templeton's Donald Taylor. "The macro environment (causing this) is not at all likely to change anytime soon." [View news story]
    Well the answer is that GOOG has a higher P/E ratio than P&B (24 to 17), so his thesis is wrong from the start.
    Apr 29 01:10 PM | Likes Like |Link to Comment
  • More on Apple: Quarterly dividend increased by 15% to $3.05/share (3% yield); Apple "plans to borrow" to return cash. FQ2 iPhone and iPad sales beat expectations, Macs a little light. Gross margin was 37.5%, at low end of guidance range of 37.5%-38.5% and -990 bps Y/Y. Apple expects to return $100B in cash via capital return program by end of 2015, up from prior $45B. Exc. retail, Americas revenue +7% Y/Y, Europe +11%, Greater China +8%, Japan +19%, rest of Asia-Pac +26%. Retail +19%. iPhone revenue only +3% Y/Y, iPad +40%, Mac +7%, iPod -20% on 5.6M units. AAPL halted, to resume trading at 4:50PM. (PR[View news story]
    Because they pay less in interest than they're making on the money now? And they don't pay taxes on it. Same reason why people have savings, yet they maintain a mortgage--they anticipate making more on the savings than they are paying on the mortgage interest.
    Apr 23 05:27 PM | 2 Likes Like |Link to Comment
  • Nineteen people are seeking to sue Ford (F) on behalf of customers in 14 states over an alleged defect that they say causes vehicles to accelerate unintentionally. The plaintiffs want damages for the loss of value to their cars. A similar case saw Toyota shell out $1.1B last year. [View news story]
    Yes, well clearly Ford is guilty. They insist on selling vehicles with accelerator pedals, and those can be pressed unintentionally--the only known cause of unintentional acceleration. And to make matters worse they have no process in place to make sure they don't sell to idiots. All in all, probably at least a $1B payout (and I'm sure the lawyers will only get $750M or so...)
    Mar 29 11:04 AM | 1 Like Like |Link to Comment
  • Bank Of America Hits A Home Run [View article]
    Mr Ken Lewis should only be brought back in chains. He needs to be destroyed for almost single handedly destroying BoA. In a just world he would have been financially destroyed for his gross failure of his fiduciary duty to the BoA shareholders.
    Mar 15 11:52 AM | Likes Like |Link to Comment
  • Does Einhorn's Apple Preferred Stock Push Make Sense? [View article]
    WRT to what Apple "gets"; Apple is the shareholders. Companies often forget this, but Apple is merely the collected capital of the shareholders working for a return back to the shareholders. So Apple as such is a meaningless concept for this proposal. It looks like one of several ways to start extracting excess capital, that the shareholders already own, back to the shareholders so they can invest it individually rather than retaining it as a collective investment. People own companies for the purpose of getting a return, either through growth of share value or dividend. Since Apple isn't using the capital to grow Apple, perhaps it is time for using some method to get that back in the hands of the shareholders?
    Feb 12 12:36 PM | 1 Like Like |Link to Comment
  • Is Apple The 2000 Cisco/Microsoft Of Today? [View article]
    Growth over based on what indicators? And if so why a $440 price. If earnings will fall to the $25-35B range and growth is over, that would make Apple a utility, and a P/E ratio of about 7 would seem to be more appropriate. So by your rationale a valuation of about $260 would seem far more reasonable in a few years...$440 price and your earnings would yield a multiple range of 11-16. Trailing P/E is currently about 10, so you see this scenario increasing the valuation of Apple?
    Jan 28 02:48 PM | Likes Like |Link to Comment
  • Apple (AAPL): FQ1 EPS of $13.81 beats by $0.37. Revenue of $54.51B (+18% Y/Y) misses by $220M. 47.8M iPhones, 22.9M iPads, 4.1M Macs, 12.7M iPods. Expects FQ2 revenue of $41B-$43B, below $45.6B consensus. Shares -4.3% AH. (PR[View news story]
    When comparing apples to apples YOY growth was almost exactly the same as last year's. Remember last year was a 14 week quarter vs a 13 week this year.
    Jan 25 04:11 PM | 1 Like Like |Link to Comment
  • Apple (AAPL): FQ1 EPS of $13.81 beats by $0.37. Revenue of $54.51B (+18% Y/Y) misses by $220M. 47.8M iPhones, 22.9M iPads, 4.1M Macs, 12.7M iPods. Expects FQ2 revenue of $41B-$43B, below $45.6B consensus. Shares -4.3% AH. (PR[View news story]
    Revenue lower by a 0.4% and profit up by 2.8%...where's the margin compression...
    Jan 23 05:09 PM | 6 Likes Like |Link to Comment
  • Apple: The Ultimate Value Play At $520 [View article]
    You also forgot that Q1 2012 was a long quarter. If your earnings projection is correct, and you compare 13 weeks to 13 weeks, then Apple will have the same revenue 13/12 growth YOY as it had 12/11.
    Jan 11 05:10 PM | 1 Like Like |Link to Comment
  • Apple Cannot Be Valued: Warren Buffett Knows This And You Should Too [View article]
    I assume facetious, as the article was fatuous. The fact Buffett can't (or doesn't want to attempt to) value something doesn't make it "in"-valuable. And as for the irrational MSFT to AAPL chart, an apples of oranges comparison if there ever was one. The MSFT valuation growth cited was during the tech bubble, and represented irrational valuations; AAPL's growth simply reflects their growth in earnings, and may not even fully reflect that depending on when you baseline their P/E. Apparently the author hasn't learned much in his MBA program.
    Nov 12 06:19 PM | 9 Likes Like |Link to Comment
  • The Real Reason Apple Keeps Going Down [View article]
    Agree, a "bubble" implies a disconnect between fundamentals and valuation--clearly not the case with Apple. And comparing it to GOOG, with negative YOY earnings growth and much higher PE, and given it's principle business model is as an advertiser it seems much more of a bubble (not sure I would say it is, just closer than Apple) yet there is little discussion of overvaulation with GOOG. Apple seems to be something special principally because it is already the largest company in the market (though less cash it isn't any bigger than Exon). GOOG is apparently still "cool" so it can be overvalued.
    Nov 9 03:42 PM | 4 Likes Like |Link to Comment
  • Dimon (JPM): He doesn't hide his frustration over the Bear Stearns-related lawsuit, telling a questioner, "When the government bankrupted GM ... they absolved the company of all previous legal liability." Expect litigation expenses to stay high: "There's always something coming up." Shares -1.1% premarket. [View news story]
    True, the Government just destroyed 2 centuries of bankruptcy law to keep the unions from feeling the pain of their actions...
    Oct 12 10:09 AM | 1 Like Like |Link to Comment
  • The iPad Mini (AAPL) will be unveiled at an Oct. 23 event, claims AllThingsD's John Paczkowski, who previously reported an October launch would happen. A rumor about press invitations arriving on Oct. 10 didn't pan out. Manufacturing yield issues have reportedly delayed the Mini's release. [View news story]
    Yes, the iPad mini is more portable (be great if it would fit in a thigh pocket in cargo pants). As a pilot I use the iPad for flying (and it is a great tool), but some aircraft have more limited space and the mini would be perfect (iPhone can be used, but just a little too small when multitasking). I have a iPad 3 but would probably add an iPad mini if the capability is good. One thing I think is a mistake, if true, is the rumor that the mini won't have 4G capability. I would rather have a wifi full size and a 4G mini.
    Oct 12 09:59 AM | Likes Like |Link to Comment
  • Google (GOOG) vs. Apple (AAPL) is the mobile industry's "defining fight," says Eric Schmidt in an AllThingsD interview, while boasting cumulative Android activations will top 1B in a year. Schmidt, who recently refused to promise Google's iOS search deal will last, also took another shot (previous) at Apple's legal actions, promised Google won't become a content developer, and (citing regulators and a "pretty binding" Microsoft-Yahoo deal) downplayed the odds of a Google-Yahoo (YHOO) search deal[View news story]
    I would say they make their money pretty differently, at least now--might change as GOOG absorbs Motorola. Bt GOOG is really an advertising/media company, that is their big revenue stream for now, whereas AAPL is primarily a software developer/marketer and hardware engineering firm. But just as Microsoft and AAPL make good money on PC OS development, there would seem to be plenty of room for both to make real good money on smartphones for the foreseeable future.
    Oct 11 01:27 PM | Likes Like |Link to Comment
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43 Comments
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