“After hedge fund manager David Einhorn defended his proposal on CNBC that Apple offer current shareholders perpetual preferred stock to deliver value and put their cash to work,” Paul Toscano reports for CNBC. “Jim Cramer’s immediate reaction was to ask, ‘What the heck was he talking about?'”
“‘This is a great intellectual exercise and a novel idea, but I have a lot of novel ideas that would actually move the stock up because it would increase the growth rate,’ Cramer said,” Toscano reports.
“He suggested that his ‘novel’ ideas to spur growth for Apple included a major acquisition, such as Twitter or Netflix, given their large cash position,” Toscano reports. “‘I want growth, I’m sorry, I’m a traditional investor,’ said Cramer. ‘I have a suggestion for him: You can always sell the stock. If you don’t like what they’re doing, you can sell it.'”
Read more in the full article here.
[Thanks to MacDailyNews Readers “Fred Mertz” and “David E.” for the heads up.]
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