Signal-to-Noise.
FWIW, I think part of AAPL's upsurge is getting swept up in the general tech rally -- predicated by an expected across the board surge in computer sales for the rest of the year.
I don't think it will last unless there actually is some kind of buyout.
In general though, IMHO, The signal-to-noise on AAPL is off the chart. Dead, Death, Dying, Doom, doom, doom, etc.
Including the clones, the MacOS market share is rising (and building off the most loyal customer base imaginable.)
My feeling is that AAPL is making a metamorphosis into a software company. Sooner or later, they will sell or split off the hardware side (like the Newton division.) Just don't expect it to be pretty in the meantime.
Value buyers listen through the noise, the quarterly earnings dramas, add up the pieces and plunk down their bucks. Historically though, value investors have avoided tech stocks, so those stocks have been generally valued by earnings guys. (How 'bout that INTC!)
In recent years, more flexible ways of defining "value" have emerged, including value of technology (patents), brand names, etc. Hell, these guys are even buying biotech!!
Anyway, to avoid rambling on, nobody should be buying AAPL without some time on their hands and a thick hide.
soup |
