Moody's like AAPL cash horde , but are they sending a message ?
" ... the ratings outlook is revised to positive based on our belief that Apple will preserve a substantial portion of the cash and short term investments it has amassed while, in the near term,...
The upgrade takes into account Apple's return to year-over-year revenue growth, as exhibited by sales increases of 8.4% and 8.9% recorded in FY1999Q1 and FY1999Q2, respectively; the company's modest debt leverage of .6 times cash flow for the LTM ended March 27, 1999, reflecting the conversion of the 6% convertibles; and cash and short-term investments that have grown to more than $2.9 billion at the end of March, 1999, up from a low of $600 million three years earlier. "
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And in case you missed it Moody's added:
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" Apple's cash horde, while substantial, would be of only modest comfort when contrasted with the combined resources of Microsoft, Intel, and the Wintel consortium.
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Hopefully AAPL will add cash from 3 Q (ending June '99) and MWNY will be big !
Wouldn't hurt if the DOJ came through - IBM appears next week .
Jim K. |
