“Apple’s (AAPL) is not perfect, and there are areas for reasonable criticism. Yet, it seems that there have always been detractors who will go to any length possible to try to bring the iCompany down. They have never released a new product, from the iMac to the iPod, iPhone and iPad, that was not greeted with ridicule and scorn. Detractors continue, between product launches, to try to paint pictures of gloom,” J. M. Manness writes for Seeking Alpha. “The latest report out of Global Equities Research [Trip Chowdhry], however, has to be one of the most absurd pieces of work on the topic that I have ever seen. It is a virulent attack on CEO Tim Cook, calling for his replacement.”
“It is true that the current share price is down roughly 23% from its high of $702 in September, 2012. Apple has gone through many retractions over the years, but this is both one of the largest drops (aside from the 2008 recession) and the longest recent one – about a year and a half, so far,” Manness writes. “But the arguments of the report referenced here are so out of line with reality that it must be called absurd. The authors compare Apple to Enron [!]”
“When Enron lost $63 B, they lost virtually all of their value. Apple is down 23% from its all-time high. The comparison makes no sense at all. Enron went bankrupt because of corrupt practices by the managers. No one is suggesting this of Apple,” Manness writes. “It is true that the market cap is down about 23%, or $130 B from its high in Sept. 2012, but not true, as [Global Equities Research] state[s], ‘in the last 12 months.’ In fact, in the last twelve months, Apple is actually up 23%, still behind the NASDAQ, but beating the SPY… My question is, why do the authors choose the highest stock price ever as the starting point? Did Cook and Oppenheimer inherit this stock price when Cook took on the role of CEO? No, actually the price then was about $375, so Apple is up 40% since then, and Tim Cook has actually added roughly $140 Billion to shareholder value since taking over.”
Tons more in the full article about iOS, OS X, developers, and more – highly recommended – here.
MacDailyNews Take: It’s a good thing Tim Cook is very well compensated because his is a thankless job, having to follow the virtuoso performance of Steve Jobs, Apple’s co-founder and savior. For many people, Tim Cook will never be good enough.
Pay no heed to the Tripping Chowderheads of the world.
Cook deserves to high praise for having the courage to even accept the job, much less execute it so well. Yes, there have been mistakes. Yes, there will be more. (Humans, alas, are not perfect.) Yes, we’ve criticized Tim Cook and Apple when warranted – just as we did when Steve Jobs was CEO. However, we’ll repeat what we’ve been saying now for years: Those who underestimate Tim Cook do so at their own peril.
Soon, many more people will realize with great clarity that Tim Cook is a worthy successor to Steve Jobs.
Related article:
Apple can’t replace Steve Jobs, but it must try or something – March 12, 2014
Get Forstall in there ASAP.
I agree. For example, look at the last two Star Trek movies. When they want to look really futuristic, what do movies do? Put faux leather and green felt all over the bridge of the Enterprise, that’s what. /s
I hadn’t realised you could be humourous. That might be a greater weapon than the scimitar of sarcasm that fails to sever any heads.
Oh, I do it now and again. My “talent” in humor is confined to an occasional rip off of Monty Python or Eddie Izzard. I envy people who have a gift for humor.
The scimitar works sometimes, though. And sometimes it’s logic. There is one incredibly poisonous jerk who is either no longer around or who has modified his conduct enough to be unrecognizable.
I also think obscene and insulting tirades against those using obscene and insulting tirades works in the sense that MDN has to get to a point of realizing how destructive to the site it is and will eliminate most of it. There seems to be some change in that direction. I don’t read MacRumors or AppleInsider all the time, but when I do, I’ve never seen the kind of poisonous vicious crap that is common here.
Good point. I believe those sites actively excise the poisonous boils soon as they appear, but MDN appears to be more of a fat laissez-faire 19th-century cigar-smoking capitalist Titan inattentive to such blots on its Persian carpet until the rabble create too loud a clamour to abide. Not to put too fine a point on it.
Sean, you gay ass butt pirate, your mother had sex with a camel and gave birth to you. Have fun sucking Tim Cook’s schlong.
Ahhh. So much hatred, so little ability to form coherent thought. Maybe you’ll grow out of it when you’re an adult.
Forstall as CEO of Apple.
Based on WHAT evident leadership skills? Or are you basing it on his ability to tick people off? You do realize that was NOT one of Jobs’ best skills, don’t you? There is no special quality about people who are great at ticking off others. More likely, such people have deep seated insecurity problems. That’s not a good trait for a CEO under any circumstances. Jobs learned to overcome and compensate for his insecurities. I hope Forstall will as well.
On Forstall – great joke – too bad people didn’t see it as such.
What Tim Cook needs to do is stop telling investors to “be patient” and stop talking about products and services that haven’t started shipping. If it wasn’t shipping now or in a week, Steve Jobs didn’t talk about it. VaporWare is a Windows and Microsoft game.
Tim, how about talking up what Apple has just done. They are clueless and don’t understand why the foundation is required to expand the ecosystem.
Things like:
• several billion dollar server farm all around the world
• 64-bit iOS and chip designed by Apple
• iBeacon
• finger print identification
• CarPlay
• etc.
NOT THE COLOR OF THE OLDER TECHNOLOGY iPHONE 5C!!!
Be patient!!! $140 BILLION !!! what the hell do you want?
Sorry, I have not seen the $140 billion deposit in my account yet.
Really, do you believe it is in any of our investor interest to be told to sit down and shut up because maybe … some day … we have some really great stuff … we are very excited about what we may do some day when the stars are aligned … Really, we all understand that Apple is working on NEW and the NEXT BIG THING. Talk about it when it is ready. Period! And this isn’t 2 young kids in a garage anymore. With billions being dumped in the bank weekly, Apple need to dominate several NEW markets at a time. CarePlay is great. What about an Apple built car device like a iPod Car Entertainment device too. New car or old car with aftermarket kits from JBL, Pioneer, … Then in a few months, update the home ecosystem. I can think of several already to go technologies that Apple can just pull the pieces together that they already know how to do.
There is no reason to only do ONE every few years from now until time ends as Apple doubles in size every 5 or 7 years. Does any other company like GE, Ford, Sony, Boeing, … only do one thing at a time. Yes, Apple can walk and chew gum at the same time. Man up Tim Cook and the Apple Team!!!
If you don’t like the strategy being employed by one of the most successful companies of all time, then go find some other company to invest in. I’m pretty sure Apple doesn’t need your investment or advise. And i am certain that the majority of the people on this forum could care less about your thoughts on the subject. – Just saying
Excellent take, JT… You are right and MDN is wrong. It’s not a matter of underestimating the hapless Tim Cook, it’s a matter of believing that he will ever deliver anything approaching the era when Wow! Just Wow! was possible or that something like – “AAPL sets new high for the day.” Nope – not in the Tim Cook era. Not going to happen. iCal this.
I suggest u get out of the stock.
Server farms. Can’t get enough of those server farms.
Hulk smash! Cook out!
$140 Billion ! – Obviously, you can’t read — or think!
Green with envy, he is.
They have never released a new product, from the iMac to the iPod, iPhone and iPad, that was not greeted with ridicule and scorn.
This can’t be repeated enough.
Remember:
The iPod was an overpriced MP3 player for a tiny market.
The iPhone was much too expensive, and only one one carrier.
The iPad was an oversized iPod touch.
That’s what we heard. And now those same pundits are predicting Apple’s demise because they haven’t released another product as wonderful as the ones they couldn’t wait to dis the moment they were announced.
——RM
I think Trip Chowdhry and Rocco Pendola of TheStreet have the same mother.
Who also happens to be their sister.
MDN … still suffering from a bipolar disorder apropos Tim Cook.
Trip Chowdhry’s loathing of Apple is infamous, in this instance he is using Cook as the conduit to undermine AAPL stock and spread FUD.
Maybe, Cook is following a plan that was originally laid out by Jobs prior to his death. Since they worked closely together maybe Cook had a hand in designing it. It may be that this year or the next, Cook will come to the end of it and start his own leadership of Apple. Give him a break and lets see what he does this year.
If you don’t like the economics of Apple, sell and run, we don’t need you.
And as far as Apple haters, I wonder who’s paying their bills.
I can’t see any reason for doubting or complaining about Apple. They have made money, make great products and are here to stay. I will continue to use their products, and when I need to, continue to purchase their products.
Well, your attitude about the situation is refreshing, a clear-eyed view compared to the bloodshot stare of habitual hecklers. Once expertise gets into people’s blood, it clouds their judgement and leads them to mad-prophet ramblings. The worry is that the number of such people is increasing so as to affect the average opinion, and by extension, commerce itself.
Hmmm…I think ‘viral addiction’ fits better than ‘expertise’, which is less of a skill and more of a disorder. Some infections manifest themselves as a need for 5 minutes of fame, others like Chowdry, are long term attention-seeking afflictions that can only be satisfied with bellicose desperation. The media of course, will hypocritically resort to ‘eat your own’ tactics with nary a nod to ethical considerations where page hits/circulation is concerned.
I need a coffee, my cliché count is already done. 🙁
hannahjs:
Thank you for you kind words “Your attitude…is refreshing…”
In my ‘later’ years I’ve developed a nasty habit: thinking for myself. I don’t like ANALysts, pundits who are self-proclaimed ‘experts in their fields’ who seem to know more than the people or organizations they are writing about, or those who know Apple secrets better than Apple. All they’re looking for is a justification for their existence, for their paycheck (wherever it comes from) and their need to be in control of whoever will listen.
As far as I am concerned, trying to uncover the secrets of Apple is harder than uncovering secrets of the CIA or NSA whose secrets keep uncovering (ha!).
Sculley in Jobs clothing.