“Morrisey got it right, of course, when he sang: ‘We hate it when our friends become successful,’ and that’s certainly the case when it comes to market reaction to Apple [AAPL] and its record first quarter,” Jonny Evans writes for Computerworld. “You see, while the company says the only way is up, gloom-laden analysts can’t see any way but down.”
“Reading Apple’s announcement release last night I could tell the company knows it’s sailing into stormy waters. The announcement had just a little too much emotion buried between its lines. It mentioned the difference in the length of the quarters, it threw a positive spin, but something inside seemed hurt, cold, angry,” Evans writes. “Cupertino is upset. It’s annoyed with the competition (who it still believes ripped-off its ideas, an opinion I share but many don’t); it’s upset with the analysts; it’s distressed at the lack of faith being shown by investors on strength of a simple leadership change; it’s infuriated that it can’t yet shake off the ‘Steve Jobs is the Messiah’ myth.”
Evans writes, “While you panic, it might be worth pondering just what kind of thermonuclear business an imaginative firm equipped with $137 billion in cash and investments can explore in a patent-driven mobile devices age? After all, that’s more actual cash in hand than most banks are worth.”
Read more in the full article here.
MacDailyNews Take: At 1:00pm EST, shares of Apple Inc. [AAPL] are trading down $57.86, or 11.26%, at $456.14.
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