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  • "Come on. This is farce," says tech legal site Groklaw, incredulous Apple-Samsung jurors took only 21 hours to deliberate over a 700-question form one lawyer says would take him 3 days to understand. Groklaw is also unimpressed with contradictory statements from jurors, several verdict inconsistencies, and the fact jurors reached a decision without reading a 109-page instruction form (.pdf). Some lawyers are predicting this case will reach the Supreme Court, due to the issues it raises about UI and design patents. (more[View news story]
    The crap is flying through the air in connection with the Apple/Samsung court decision. Bottom line: Samsung copied Apple on a fast uncreative track and has been caught at it. Anyone who thinks Samsung has a case is probably short Apple.
    Aug 25, 2012. 10:10 PM | 15 Likes Like |Link to Comment
  • Why I Hate Apple [View article]
    All the detailed analysis aside, AAPL suffers from the combination of the law of large numbers and the demand for constant innovation on a large scale. The market looks ahead and wonders how AAPL can keep pulling off successful innovation in a sector known for strong competition and rapid internal change. I expect the iWatch to lay an egg for the simple reason that men buy watches as jewelry, not for practical use.
    Can AAPL stock withstand a surprise failure in any segment with high expectations? I doubt it, and that is the principal drag on the stock.
    Dec 5, 2014. 12:00 PM | 11 Likes Like |Link to Comment
  • CVS Health to charge extra for prescriptions from tobacco-selling pharmacies [View news story]
    This ploy is unlikely to hold up, if challenged in court. It represents a bold move in restraint of trade.
    Oct 20, 2014. 10:54 AM | 7 Likes Like |Link to Comment
  • Mobile app stores will generate $25B in revenue this year and 35% of this total ($8.8B) will involve tablet apps, predicts ABI. iOS (AAPL), whose monetization edge over Android (GOOG) is well-documented, is expected to account for 65% of sales - assuming  a 30% cut, that translates into $4.88B in revenue for Apple. Android is seen accounting for 27% of revenue ($2B for Google), and all other platforms 8%. ABI predicts iOS will make up 33% of smartphone downloads and 75% of tablet downloads, and Android 58% and 17%. [View news story]
    Whatever the details of APPL operations and outlook, this kind of Alpha comment is among the few that reflect on the actual value of AAPL. Morgan Stanley's explanation that growth mutual funds have been shucking out AAPL as no longer being a growth stock makes sense, but its severe devaluation is more a market phenomenon that a reflection of value.
    Everyone is throwing darts at AAPL, but they will over time have to admit that it is one of the greatest companies of our era.
    Mar 14, 2013. 07:07 PM | 7 Likes Like |Link to Comment
  • Bernstein: Amazon spending $2.5B+ on content next year [View news story]
    The problem with AMZN is that their business plan assumes that other players will be stagnant. In fact, the Net is getting more and more competitive and AMZN is becoming more bloated, less agile, and still unprofitable.
    Oct 13, 2014. 07:34 PM | 6 Likes Like |Link to Comment
  • More on the Goldman downgrade of Apple (AAPL): Believing an imminent dividend hike/share repurchase could set a floor under the stock price, Goldman is less optimistic about the "timing and impact" of the next product cycle - needed if the stock is going to be an outperformer over the coming year. "The stock's upside potential should be more limited than we previously anticipated." Shares +0.25% premarket. [View news story]
    Goldman's history re: AAPL reminds me of a quote from Lenin at the height of the Russian revolution: "I must find where the people are going, so I can lead them."
    Apr 2, 2013. 09:11 AM | 4 Likes Like |Link to Comment
  • This morning's spike in shares of Westport Innovations (WPRT +7.6%) on takeover speculation gains momentum into the close. Chatter centers around potential interest from Cummins (CMI +0.3%), already involved in a JV that accounts for much of WPRT's medium-term profits. [View news story]
    Westport has a broader line of nat gas engines than does Cummins and has close ties with several OEMs. They are already joined at the hip and Cummins can easily afford to make it 100 percent, benefiting shareholders of both companies.
    Feb 15, 2013. 04:10 PM | 4 Likes Like |Link to Comment
  • "The hype concerns us, as it sounds vaguely familiar to another decade," says Oracle Research's Laurence Balter, explaining his downgrade of Apple (AAPL -1.4%). Balter is also worried about slowing sales growth, high expectations, and margin risks related to Apple's rumored entry into the TV and set-top box markets. [View news story]
    The problem with AAPL is not the law of large numbers or the possibility of lower margins. The problem is that some observers prefer to be contrarian. Someday, they will be right, but not right now.
    Aug 21, 2012. 06:16 PM | 4 Likes Like |Link to Comment
  • Will Apple Top The Whisper Number This Quarter? [View article]
    If AAPL were a hot air balloon, it would have reached the moon by now.
    Oct 20, 2014. 12:31 PM | 3 Likes Like |Link to Comment
  • Report: Apple buys Bluetooth chipmaker, possibly for iWatch efforts [View news story]
    The stock market, with its emotional fix on the short term, has been ignoring that AAPL has a lot going on beneath the headlines. With their cash and their massive R and D, AAPL is both a Blue Chip and a powerful growth stock. Grow up, Market.
    Aug 1, 2013. 05:35 PM | 3 Likes Like |Link to Comment
  • Caterpillar's (CAT -1.5%) retail sales of machines -13% Y/Y in three months to February vs -12% in three months to January, with AsiaPacific -26% in Dec-Feb, North America -12%, EMEA -9%, Latin America +3%. Power Systems sales -7% in February period, as in January period; electric power -8%, industrial -25%, transport +15%, petroleum -8%. (PR[View news story]
    What bothers me about CAT results and outlook is the implication for the world economy. Is CAT telling us that world growth is seriously in decline? I think the message is clear: the bullishness of investment advisors and brokers is self-serving and not reflective of the real situation.
    Mar 20, 2013. 10:03 AM | 3 Likes Like |Link to Comment
  • GE reportedly sells apartment portfolio to Blackstone [View news story]
    GE is cleaning up its act, selling non-core assets and boosting their growth opportunities. Turning a battleship around takes time, but they will probably succeed.
    Aug 12, 2013. 05:52 PM | 2 Likes Like |Link to Comment
  • The Street showed no mercy to Nuance (NUAN -18.5%) in response to its EPS miss and forecast for multiple quarters of weakness in healthcare and EMEA sales. Goldman thinks Nuance's goal of $1B in FY13 healthcare sales is now at risk, and Needham (downgrading to Hold) is concerned about guidance for a 200-250 bps FY13 gross margin drop, worse than a prior forecast. Management suggested on the earnings call it's counting on clinical documentation software sales and PC/mobile OEM deals to drive future growth. [View news story]
    When NUAN fell more than eighteen percent, it more than took into account the outlook for the company, reflecting the fragile psychology of traders in this market. It is still the same company, dominant in its field and with a bright long term future.
    Feb 9, 2013. 10:39 AM | 2 Likes Like |Link to Comment
  • Freeport's (FCX) mega-deal for McMoRan (MMR) and Plains (PXP) looks "incestuous" to Jim Mueller: Just for starters, PXP owns 31.5% of MMR and CEO James Flores sits on its board; MMR CEO Jim Bob Moffett is chairman of FCX; B.M. Rankin, a co-founder of FCX with Moffett, sits on MMR’s board. With such a web of relationships, how much independent due diligence was done in reaching the deal? [View news story]
    The deal has a dubious smell. Somebody, tell us why it is worthwhile for FCX shareholders.
    Dec 5, 2012. 05:36 PM | 2 Likes Like |Link to Comment
  • In its conference call on the purchase of McMoRan (MMR +82.2%) and Plains Exploration (PXP +26.1%), Freeport McMoRan's (FCX -13.5%) Richard Adkerson says the deal is an add-on to its mining business and not a diversion from current strategy, and FCX will continue to look for new mining opportunities. With margins and cash flows strong, FCX anticipates continuing its current dividend. [View news story]
    When a company pays the average target price for companies that are not doing well, there has to be a loss of value to the acquirer, which will hopefully be made up over the next year, but a markdown of the acquirer is called for. For patient investors, FCX is promising, but this will not be a near-term, or even medium-term winner. I would stand aside and look to buy when the timing may be more favorable.
    Dec 5, 2012. 12:59 PM | 2 Likes Like |Link to Comment
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