“If you’re an Apple investor, you ought to be thanking TheStreet and CNBC’s Jim Cramer as well as Apple CEO Tim Cook,” Chris Ciaccia reports for TheStreet.
“Wells Fargo analyst Maynard Um upgraded Apple on Tuesday to ‘outperform,’ due in large part to an email Cook sent Cramer on Monday seeking to reassure investors that Apple’s position in China was not getting worse, but actually getting much better,” Ciaccia reports. “Shares of Cupertino, Calif-based Apple were rising 4.7% in pre-market trading on Tuesday after closing on Monday at $103.12.”
Ciaccia reports, “Um found the commentary reassuring, with Cook providing comfort, something that gives Um ‘better visibility to the Sept quarter (September is typically an iPhone transition month making Jul/Aug important, in our opinion). Given broader macro concerns, this is a visibility others in our group do not have, which we think will be important heading into earnings.'”
Read more in the full article here.
MacDailyNews Take: It’s amazing, but not surprising, that the world’s strongest company can outperform quarter after quarter, posting record results upon record results, yet “concerns” can be ginned up (and doused) at any given moment. On Wall Street, the bunkum parade rolls ever onward.
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