“Quite a few people downplayed David Einhorn’s Friday court win over Apple. Even TheStreet‘s Antoine Gara referred to it as a ‘small victory,'” Rocco Pendola writes for MarketWatch. “If Tim Cook views it the same way, that’s a major mistake. We could be watching the beginnings of the long-term, post-Steve Jobs unraveling at Apple I warned about shortly after his death.”
“What David Einhorn is in the process of doing to Apple is nothing short of groundbreaking and monumental,” Pendola writes. “In Steve Jobs, David Einhorn had a more-than-worthy battle partner. In fact, if Steve Jobs were alive, my guess is that Einhorn would not have charted the present course. If he did, Jobs would never have let it get to this. He would have shot the whole thing down before it turned into such a massive issue.”
Pendola writes, “Tim Cook calls this thing a sideshow, but it’s his fault it is one.”
Read more in the full article here.
MacDailyNews Take: Blah, blah, blah.
Pendola’s back onto his “Tim Cook isn’t Steve Jobs, so Apple’s doomed” malarkey-fest.
“If Steve Jobs were alive?” If Steve Jobs were alive it would be because he listened to his doctors and had his cancer cut out the day it was luckily discovered, not after dicking around with a Veg-O-Matic for nine months and likely letting it metastasize to ultimately fatal consequence. In other words, Jobs wasn’t an all-knowing God, just a partially-knowing one. He wasn’t perfect; nobody is (look in the mirror right now, Rocco).
And those who underestimate Tim Cook do so at their own peril.
When will these idiots learn that apple is th company – not Steve jobs.
Steve was a genius but he was only one man.
Steve made a great company but steves era is over and apple is following and leading their own roadmap.
The only reason the apple stock isn’t high is because stew jobs isn’t around.
Well wake up and smell the coffee!
If Steve Jobs were still CEO, there wouldn’t be a dividend for Einhorn to be whining about.
I have to wait and see how this will play out and what kind of negative effect, if any, it might have on Apple…
my 2 cents…
Someone else at this site already said it, Where the heck is fhe SEC? Elliot Spitzer, even he could get involved to expose this looting behavior!
Elliot Spitzer was outed before the fall of 2008, for a reason. The SEC only does what corporate America wants.
*DING*DING*DING*
AKA our brain dead Corporate Oligarchy.
“Is there a meaningful connection between the seemingly unconnected (Einhorn pushing Cook around in a way he never would have and/or could have Jobs) and Apple’s success?”
Answer: No. Einhorn is promoting the Wall Street “Command and Control” attitude towards Apple.
Solution: Buy back all the stock to nullify (deball) Wall Street. Wall Street needs to be neutered!
+1
Einhorn represents the evil which is Wall Street. No company can achieve the success they merit when the Wall Street mentality is set in motion.
An EXCELLENT summary ‘cognativedisonance’.
(BTW, spelling nazi attack: ‘Cognitive Dissonance.’)
“If Steve Jobs were alive it would be because he listened to his doctors and had his cancer cut out the day it was luckily discovered, not after dicking around with a Veg-O-Matic for nine months and likely letting it metastasize to ultimately fatal consequence.”
Yep MDN, I’m afraid that’s a fair summary of that whole tragic mistake on Steve’s part. He was a genius in many areas — monumentally stupid in others. Human, in other words.
“We could be watching the beginnings of the long-term, post-Steve Jobs unraveling at Apple I warned about shortly after his death.”
If you were so prescient, Mr Pendola, why did you have to wait until AFTER Steve’s death to issue this warning? Everything Apple was shortly after his death it was well before his death, too.
Oh, I get it: You’re feeling under-appreciated so you needed to resurrect some non-issue to get your name back in the news. Enough said.
Another microsoft/google/amazon leg humper. The Wall Street slime case against Apple is political, ultimately.
Sombebody’s pig is getting, and will get, gored, and the bought meedga propagandists are doing their leghumping best for stop it.
Fuck em.
This decision is very narrow. The company can only bring one issue at a time for a shareholder vote. In this instance they wrapped 3 issues into a single vote and the judge said you can not do that. All they have to do now is bring the preferred stock issue out as a single issue and get a shareholder vote on just that. What bothers me at Apple is the horrible legal advice they are getting. This is like the 3rd or 4th legal issue that Apple has lost in the last few months. If I had a legal team that was offering this advice I would have fired them long ago.
MDN take is right on. I was getting a bit concerned that MDN was wavering on Tim Cook. Steve picked him for a reason. There are others that post here that want to bring him down, but their real goal is the destruction of Apple. Make no mistake about it.
Considering that 64% I’d apple ownership is institutional, Einhorns suggestion may stick. Institutional investors are not emotionally attached to their stock like us….. They want $$$$$$ not just an empty stock with a low dividend.
Just sayin….
Agreed. This is exactly Einhorn’s strategy. The line of defense is going to be the board.
By the way, if Pendola or Einhorn happen to be reading this …. fuck both of you parasites.
Where is frothing at the mouth ppeterson? This article is just the kind of thing he likes best, Bashing Apple and Cook.
That is offensive to attack Steve in order to defend Apple or Tim Cook. I can’t believe I read that. Eat your Own veggies- the Bell tolls for you.
If you are at all offended by any of this, you are in the wrong universe. Apple is a corporation. They have a large cash stockpile, larger than they need. They are not a bank. it doesn’t matter if the money is overseas.
They have to exercise some strategy to divest some of the cash. It is their fiduciary responsibility.
Wall Street want to gut Apple
Like they gutted Karl Karcher (of Carls Jr.).
Apple is created.
Steve Jobs is in charge…Apple good.
Steve Jobs kicked out of Apple…Apple bad
Steve Jobs returns to Apple…Apple good again
Steve Jobs passes…
…is there a pattern here or is it just me?
Inaccurate. Apple was not always good in the beginning with Steve in charge. He made mistakes and apple didn’t flourish. It wasn’t until he hired cook and Ives that apple really flourished. Notice a pattern there?
Good points.
I think a big part of Steve’s key genius was whacking people with his “Simple Stick” when presented with products, ads, etc. Final products blessed by Steve were ones that were not only as well designed as fine jewelry, but they cut through the Bullshit of too many buttons and hoops to jump through, and just worked—that is a critical element of Apple’s product magic. It’s too soon to see yet for future products, but we’ll see if someone at Apple is going to pick that stick up off the empty throne, dust it off, and started using it on people.
I’m actually sick of people downplaying Steve Jobs’s impact on the tech industry and Apple. Do you know why people keep saying “What would Steve do?” Because they have every right to. The man is responsible for all of Apple’s success. All of it. He founded it. He revolutionized the computer industry. He was THE catalyst of all of Apple’s major new groundbreaking products, including OS X from NeXT that he and his small team created from scratch over 15 years earlier.
To downplay his impact is something you should all do at your own peril. Tim Cook hasn’t demonstrated anything yet. He’s ridden on the coat tails of Steve Jobs thus far. What’s happened? Apple Retail is down for customer satisfaction. Some top execs have left. Now this shareholder problem suing Apple?
And new innovative products? iWork is old and crusty. The Mini has no Retina. They spec bump the iPad 3 halfway through its product cycle. There’s lots of examples of their product development running amuck.
Well he may not have a point but this issue has opened up a hole in Apples armor. If the executive team starts to act like every move they make could be over turned by the courts and greasy short sighted shareholders (not all shareholders mind you).
MDN’s take is harsh but absolutely true.
And Steve is one of the toughest, if not THE toughest act in business history to follow. Don’t envy poor Tim. Nothing he will do will ever please people who expect Steve’s genius. Steve was the exception to most rules. And if Tim runs Apple just over half as good as Steve, Apple will be fine. The rest of it’s success is to the people who work behind Tim. They are the ones who have to take up the thinking and stretch the imagination with products. It’s more of a team effort now.
It amazes me that someone (Pendola),with a degree in urban studies and a talk radio background thinks that he is an expert on running companies like Apple. I’m sick and tired if his articles that berate Apple. Get a haircut, Rocco, and try writing a constructive article in the near future, or go back to a small market microphone audience.
Why the derision? Stock collapse etc? It seems as if a lot of gamblers are piling into Google as they did Apple last year. Wall Street appears to be a pump and dump scheme that has absolutely no insight into a company that it considers prime for growth.
I applaud Apple with Steve Jobs and now Tim Cook for not falling into the quagmire. They are not responding because they are busy innovating and working hard to produce something for others to copy. The stock will take care of itself. And greedy so-called investors (more like gamblers) will jump to the next exciting Gadfly (this week its Google to 1000) train.
The last tech company that I can recall, who walked in synch with every short term scheme that Wall Street wanted was Iomega. Do you remember them? There’s a really good reason you don’t !