“After Apple (AAPL)’s stock hit its lowest level in more than a year on Tuesday, trading as low as $420 per share/40% below its record close of $705.07 last September, investment manager, and media personality Doug Kass admitted during a CNBC interview that he might have had the tech giant’s stock all wrong,” Wall Street Pit reports.
“‘Frankly, I’m thinking I probably made a mistake,’ said Kass on CNBC’s ‘Futures Now,'” WSP reports. “The investment guru, who after Apple’s disappointing earnings results in January called its stock ‘dead money,’ bought AAPL just before the closing bell on Friday, when the ticker was pinning on expiration, and continued to add to his position. Yet, when the stock popped Tuesday morning, he immediately sold his shares.”
WSP reports, “‘At $425 or $430 or so, there seems to be substantial value in the company from a trading standpoint,’ Kass said, adding that the ‘problem facing fundamental investors and Apple, is that we still have a lot of earnings reductions from Wall Street coming ahead.'”
Full article here.
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