“Apple got banged up last week as it faced its worst losses in nearly two years,” Keris Lahiff reports for CNBC. “The stock officially fell into a correction, plunging more than 10 percent from its high just two weeks earlier.”
“But Dvaid Seaburg, head of sales and trading at Cowen, says Apple has not turned rotten. More than that, this pullback presents an opportunity to buy, he says,” Lahiff reports. “‘At these levels I think it’s kind of a no-brainer,’ Seaburg told CNBC’s ‘Trading Nation’ on Friday.”
“Just look how much cash they have on hand, he said. As of the end of December, the world’s largest company had $77.15 billion in cash and short-term investments. That number should grow once Apple delivers on its pledge to repatriate billions from outside the United States. Last year, the company said it had just over $252 billion in cash held overseas,” Lahiff reports. “‘You’ve got this sort of cash on hand that they could do something with. If they flex their muscle and start to return cash to shareholders or make some sort of meaningful acquisition, that could be transformative,’ said Seaburg. ‘The stock will be off to the races.'”
Read more in the full article here.
MacDailyNews Take: Shh! Let it drop a bit more. We’re almost ready to back up the truck!
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