“Apple has taken on the aura of a penny stock. Ironically, it reminds me of what Sirius XM used to be,” Rocco Pendola writes for TheStreet.
“I recall (Central Park in fall, how you tore your dress, what a mess?) an excellent video from July 2011 where Jim Cramer basically called SIRI’s turnaround. Since that appearance the stock has returned roughly 55%,” Pendola writes. “No two ways, man — it made me look bad as I was bearish, but that’s not what we’re here to talk about. Cramer made points that, oddly, we can now broadly apply to AAPL: ‘I would not tell people to avoid. I think you can have it as a speculative stock now… Because at the same time as it’s gotten its capital structure together, it’s owned by really bad hands. It’s owned by people who are flippers and traders and penny stock guys and I don’t like them as my colleagues when I own a stock.'”
“Flippers. Traders. And penny stock guys,” Pendola writes. “Of course, AAPL is a $500 stock so don’t take me literally; however, the conversations and antics now associated with it resemble the type of stuff we used to see regularly with SIRI and names such as Research in Motion, which deserve penny stock status, at least from a symbolic standpoint.”
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