Apple: With Plenty Of Reason To Slide, Stock Holds Steady: Barron's
September 20, 2007, 3:43 pm
Posted by Eric Savitz
Sometimes, the story is what’s not happening. Apple (AAPL) shares had several excuses to sell off today, and the market ignored all of them. The stock is down a tad now, which when you consider the news flow is actually pretty impressive.
Consider:
Steve Jobs has received a subpoena from the SEC to testify in the pending civil case against former Apple general counsel Nancy Heinen over stock-options backdating at the company. The Wall Street Journal says the subpoena does not mean that Jobs is a target of the probe. The company previously settle charges with former Apple CFO Fred Anderson.
Both NBC and ABC have decided to offer prime-time television programming free over the Web. Who needs to buy shows from iTunes if you can watch them free online?
WSJ tech guru Walt Mossberg gave a mixed review to the iPod Touch; he notes that battery life of the device was not as good as Apple claimed. He doesn’t like the lack of volume controls, and he is puzzled by the lack of email, mapping, stock tracking and weather programs given the fact that it has built in WiFi.
See, plenty of reasons to sell off. But the stock is hanging in there: Apple today is off 67 cents, a mere 0.7%, at $140.10. |
