“Apple shares plunged more than 12 percent last week amid disappointment with the company’s earnings,” Dan Weil reports for MoneyNews. “And hedge fund heavyweight Doug Kass, president of Seabreeze Partners, doesn’t see the stock resuming its steep ascent anytime soon. ‘The king is dead. Long live the king,’ he tells CNBC. ‘The company faces a much more difficult business landscape, the competition is escalating, and that’s going to challenge profitability over the next couple of years.'”

Well reports, “Apple’s net income rose less than 1 percent in the quarter ended Dec. 29 from a year earlier. And while its sales climbed 18 percent, that was the weakest increase in 3 ½ years.”

MacDailyNews Take: Ever notice how these type of articles compare Q113’s 13-week quarter with Q112’s 14-week quarter without noting the discrepancy? Omission of pertinent facts is a very convenient, and unfortunately, common, method of lying.

Well reports, “The company is losing its first-mover advantage in products like smart phones and tablets, thanks to its heft, Kass says. Apple is going the way of Microsoft — a ‘large cash flow generator with limited secular earnings growth,’ he maintains… Kass thinks [AAPL] will trade between $425 and $500 for ‘as long as the eye can see.'”

Read more in the full article here.

MacDailyNews Take: Dougie must be quite nearsighted. iCal’ed.

[Thanks to MacDailyNews Reader “Elder Norm” for the heads up.]

Related article:
Doug Kass: Buy Apple – November 13, 2012