“The recent news concerning Apple’s stock options investigation alongside Steve Jobs’ decision to hire legal counsel came as no surprise to senior analyst Shaw Wu of American Technology Research, who saw the dip in stock pricing as an opportunity for nimble investors. ‘We have been looking for a pull-back in Apple shares to get more aggressive on the long side,’ Wu wrote in a research note obtained by MacNN. ‘For those who missed yesterday’s window, we do not think it is too late to step in,'” MacNN reports.
“‘Given the widespread nature, we doubt the SEC and Department of Justice will pursue a broad ‘witchhunt’ forcing key executives to step down that would undermine the recovery of the U.S. economy,’ said Wu. ‘We do not believe it makes sense for the U.S. government to nail Apple and Steve Jobs, one of the most respected American companies and businessmen of the past 100 years. […] We believe a more likely scenario by the U.S. government is tighter enforcement on options backdating to ensure it doesn’t happen again,'” MacNN reports.
MacNN reports, “Shaw Wu reiterated his ‘buy’ rating with a $99 price target based on checks of strong December quarter momentum and a strong product pipeline in 2007.”
More in the full article here.
AppleInsider also covers the story here.
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Usually regulations are in place to protect investors. If the govt nails Jobs to the walls, removes him from Apple, all it does is hurt the investors they are trying to protect to begin with. I’m all for accountability, but in this case it doesn’t make sense to go for the throat of Jobs and Co. Investors in AAPL have had nothing but good fortune for the last 4 years. Why destroy that now?
Make the rules more strict. Make them even for all companies. That should be the goal.
From what we know, Jobs didn’t issue the options. It is up to the compensation committee and the CFO to deal with matters such as these.
Everyone knows Jobs’ role at Apple is to lead the design and development of 21st century computers – not prepare accounting documents.
it’s time we need to be honest with ourselves…
if this was going on in redmond, we’d all scream for everyone’s heads. but since it’s at our beloved apple, it’s fine, and that the rules should just get stricter for next time.
i don’t want to see steve go more than anybody else here, but let’s watch out for moral relativism.
Given Wu’s past prognostications, we’re screwed.
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“U.S. Gov’t unlikely to nail Apple and Steve Jobs”
That’s because they can’t come up with $50,000 to buy the nail until next year’s budget kicks in.
“if this was going on in redmond, we’d all scream for everyone’s heads. but since it’s at our beloved apple, it’s fine, and that the rules should just get stricter for next time.”
New here?
Ive never seen this image of steve before
Like I’ve said before, find me any corporation in the world that doesn’t have executives bending the rules. The fact is that you won’t find one. So this is all much ado about nothing.
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If there was wrong doing here @ Apple, then the rules should apply equally to all….hate saying that, but then, the rules are the rules……Now, that said, if the Feds do go after Apple and not some of the other peecee companies that are part of this investigation, then I would nail microsoft for influencing the government to go after Apple……just a thought about what could be going on up in redmond. We all know they don’t play fair….they are a very rich and corrupt company…..
Watch them start to give away vista by the middle of next year, just to keep people on their os. They can afford to do this for a very long time.
Crooks and cheats!
Sleeeeeeeeeeazy dealings.
And again I ask the question….
How does this effect Al “I want to be president in 2008” Gore????
Al the boardmember. Al who is supposed to be looking over things like this.
Al…who maybe got slipped a few back dated options under the table?
Al´s reputation being smeared by APPPLe??!!??
——–
Hillary is happy. One less person to contend with.
What I wonder in all this, is how can MS who in general are not the most ethical business people (just ask Stak Electonics, Novell, Wordperfect, Symantec, etc.)how their name has not come up in all this. They had a high flying stock in the 90s but it has been flat for the 2000s, I would not be surprised if they were just as guilty as the other companies. Juniper just took a $900 mil write off for their stock option issues. How much will Apples be? How much would MS’ be?
I just hope next week we look back at the low 80’s high 70’s as Apple stocks low, I bought at 84.
OK, Just think about this- Bush+Dell+(Texas)=Go After Apple+Jobs(Gore), Behind the scenes pulling the strings Microsoft. Big money is involved here and this goes deep.
Are you kidding Dell is liberal waco. He dislikes Bush.
ZachCube:
Stopped taking your meds again, I see.
Some of the biggest companies now a days are liberal run and owned. You can’t pin big business on greedy Repubs anymore. YOUR liberal philosophy is now in the board room screwing the little guy and looking the other way all because of BIG MONEY!
Both side are crooks! I look at them the same. You should too. ALL politicians in some form are crooked.
Conspiracy theorists like Zach are such morons. Ultimately, SJ’s fate will turn on “What did the [CEO] know and when did he know it?” And, frankly, the public doesn’t know the answer to either of those questions yet. The fact that Apple announced that their internal investigation cleared Jobs is encouraging, though not definitive. If Apple mishandled that investigation, then they are TRULY stupid and could face an indictment of the corporation, not just SJ–which absolutely would kill Apple, immediately. So, I would bet that Apple’s investigation was done properly and SJ will be OK (barring a Sptizer-type jerk prosecutor); but I wouldn’t bet very much on it!
Ask each and every investor if they would like Steve Jobs head on a platter and I bet 99,9% of them would say “no”.
The planet knows that Steve Jobs is Apple Computer and, unlike any other company, without him is a headless vision for the future. Apple could function well without him, but he is the visionary image of the company. I was even disappointed that he let some other guys talk at the keynote speech.
I don’t think he will any time soon, but I dread the day he steps aside. I hope he lives to be 100.
This is bad… very bad. Steve is very probably history. The question now should be what do we do without him.
I say we should be realistic, sell AAPL, buy a Vaio, take a tutorial in Vista.
Anybody got a better idea, considering the awful news?
I also doubt, very seriously, that Steve will even show up at MacWorld. How could he? He would besiged with questions he cannot answer.
Image damaged beyond repair. Market share has peaked for Mac, downhill from here.
Too bad – greed kills another opportunity.
Correction: that was Spitzer (not “Sptizer”); the politically-driven federal prosecutor who abused his power for years and got himself elected governor of NY as a result.
RC – yup there are many loop holes that corporations and executives use to make money for themselves. SJ gets only a dollar in salary but makes a lot more from his share options and payment for things like his jet. In reality, a CEO often makes a lot more than his salary with perks and bonuses that no-one ever hears about.
It’s a question of when these holes are unveiled that the regulations are tightened to prevent these things from happening again.
I would like to see an independent board approve any gifts, bonuses etc like these and have them fully audited by the accounting firm.
I would also like to know the dollar value for these discrepancies. Even if it is $50M then make those who benefited pay the money back, with associated tax related penalties and interest. The effect on Apple’s bottom line or profit has to be minimal.
Maybe at MacWorld Steve will intro the new iJailsuit –
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The latest fashion in Jail house clothing. The new iJailsuit comes with a pocket for an iPod, plus when you bend over the back seam comes apart for easy “back door” accessibility.
Steve Jobs is one of the last heroes of American innovation. Part of the final holdout before the slants takeover completely. You leave him alone you big bullies!
All Joking Aside,
With a handle like that you come out with the biggest joke posted on this forum this year, perhaps ever.
How much does Microsoft pay you bloggers to put this bullshit on this site.
No anti-Apple statements can be believed anymore. It’s all probably paid Microsoft FUD.