“Apple Inc Chief Executive Tim Cook’s new go-to management team of mostly familiar faces failed to drum up much excitement on Wall Street, driving its shares to a three-month low on Wednesday,” Poornima Gupta reports for Reuters.
“The world’s most valuable technology company, which had faced questions about a visionary-leadership vacuum following the death of Steve Jobs, on Monday stunned investors by announcing the ouster of chief mobile software architect Scott Forstall and retail chief John Browett — the latter after six months on the job,” Gupta reports. “Cook gave most of Forstall’s responsibilities to Macintosh software chief Craig Federighi, while some parts of the job went to Internet chief Eddy Cue and celebrated designer Jony Ive.”
Gupta reports, “But the loss of the 15-year veteran and Jobs’s confidant Forstall, and resurgent talk about internal conflicts, exacerbated uncertainty over whether Cook and his lieutenants have what it takes to devise and market the next ground-breaking, industry-disrupting product. Apple shares ended the day down 1.4 percent at 595.32. They have shed a tenth of their value this month — the biggest monthly loss since late 2008, and have headed south since touching an all-time high of $705 in September.”
Read more in the full article here.
MacDailyNews Take: This too shall pass.
No article I’ve ever read proves more how stupid the folks at Wall Street are. But that’s fine. I used this is a buy opportunity.
Remember, Steve left Tim in charge, not Scott. All the stories about meeting Steve at the airport, hospital and traveling – Tim and Jony – not Scott. Forstall is a very bright guy but hardly Steve’s confidant. That’s Tim and Jony.
I don’t know how Apple will fare going forward without Forstall? But if he was a problem then he had to go. And it’s not like he didn’t have some big missteps lately. Perhaps if he had stayed it would have benefited Apple and everything he oversaw? But eventually (and apparently eventually was deemed to be now by Tim Cook) if he rubbed everybody the wrong way and had a huge ego he would have caused more harm than good. The end does not justify the means. In short, it sounds as though he was a very bright prick. It also sounds as though he won’t be missed. I guess that should tell everyone outside of Apple something. Let’s hope that the new gang at the top does well.
Happy Birthday Tim Cook!
Gosh the way journalists write: “Apple Inc Chief Executive Tim Cook’s new go-to management team of mostly familiar faces failed to drum up much excitement on Wall Street, driving its shares to a three-month low on Wednesday.”
I certainly beg to differ. I think Wall Street simply can’t get it up and should seek professional help. Maybe they caught a cold, or a virus hanging out with Sandy. I certainly don’t think that the management changes are the force driving the shares to a new low, I think most of the responsibility of Apples stock lies on a barrage of poor analysts, incompetent journalists and unrealistic demands.
Wake up, the “next big thing” may not be from the domain of computers, and heck it might even come from a woman. Whoa I can’t wait to see the stock pile when that happens.
Wall Street seems to be ‘wary’ no matter what Apple does. I’m sure Wall Street would be ‘wary’ of Apple even if they did nothing. Nothing Apple does seems to be favourable to these so-called investors. I thought everyone said that the dividend would be enough to boost Apple’s share price and provide some stability. That turned out to be a big lie. No one seems to be flocking to Apple to grab that dividend which I find rather surprising. I’m very happy with getting a dividend, but not so happy about losing $100 in share price.
Wall Street:
Heads I win, Tails You Lose.
Wall Street ‘Journalism”:
‘Homer’ refs seeking scraps from the table. Courtesans in the worst meaning of the world. Lap dogs instead of watch dogs.
How is $705 down to $595 ‘…shed a tenth of their value this month…”? That is 15+% on my calculator.
FAR too early to know if this move is going to be good or bad for Apple.
With the old management team or the new one, Apple would still be putting out higher quality, superior products that are more beautiful and easier to use the competition’s.
So while I’m trying hard to give a shit, I think instead I’ll just use my awesome Apple gear while the time passes for their next iterations (and the idea of Ive aiding in the design of UI has me sunny, if anything, about this).
Wall Street is the canyon where souls go to die.
Dear MDN,
These new full screen ads at the top of the page ***SUCK***!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! B.
I buy and love Apple products but I am not an investor on any financial level so this may not be feasible or advisable: perhaps this is the time for Apple to double down on buying back shares. Does Apple even need investors?