AAPL Off As Market Holds Steady
The market is holding steady in early trading as the
new jobs report crushes expectations, adding 100K new jobs. Shares of AAPL are off with the rest of technology. Catalysts include
fiscal fourth quarter earnings release on Tuesday, October 18 at 5:00 pm ET; likely update of the
iPad early next year; continued growth of the Mac business line; mobile adoption in China and other emerging markets;
iCloud /
iOS 5 rollout next week and adoption; the continued evolution and next generation of
Apple TV; and new platforms such as mobile advertising (iAd), books / publishing and social (
Ping). Shares of
Apple trade at
9.5x Enterprise Value / Trailing Twelve Months Free Cash Flow (including long-term marketable securities).
A Tribute To Steve Jobs: 1955-2011 (Various)There's so much to say and not enough newsletter. This is my favorite quote: "Stay Hungry. Stay Foolish." I think I've mastered that one.
- Stanford (Go Bears!) Commencement Speech (Standford): His famous speech, "If you live each day as if it was your last, someday you'll most certainly be right." Read »
- Walt Mossberg Opens Up (All Things Digital): Some great stories. He did what a CEO should: Hired and inspired great people; managed for the long term, not the quarter or the short-term stock price; made big bets and took big risks. He insisted on the highest product quality and on building things to delight and empower actual users, not intermediaries like corporate IT directors or wireless carriers. Read »
- Steve Wozniak Remembers (CNN): “We’ve lost something we won’t get back. The way I see it, though, the way people love products he put so much into creating means he brought a lot of life to the world. Read »
- His Most Memorable Quotes (Business Insider): “Being the richest man in the cemetery doesn’t matter to me … Going to bed at night saying we’ve done something wonderful… that’s what matters to me. Read »
- His Attention To Detail (Google+): Jobs called Vic Gundotra and said, "The second O in Google doesn’t have the right yellow gradient." Read »
- The Early Mac Days (PC Mag): Few know of Folklore.org. But the site, designed and primarily authored by Apple "software wizard" Andy Hertzfeld, is a treasure trove of stories and anecdotes about the early days of Apple, Steve Jobs, and the Macintosh computer. Read »
He passes the baton to
Tim Cook. You will be missed. Long live the king.
Wall Street Offers Condolences On The Passing Of Steve Jobs (Apple Insider)Analysts give thoughts:
- Piper Jaffray: Gene Munster believes "that Jobs' legacy includes his many great inventions as well as those people who know lead Apple and will carry on his way of creating the future."
- Ticonderoga Securities: Brian White says that "Steve Jobs' acceptance of nothing but the highest quality work has been thoroughly ingrained in the Apple culture during his tenure, creating a team that we believe will continue to thrive."
- Sterne Agee: Shaw Wu says that "Apple is his legacy just like Disney is Walt Disney's and GE for Thomas Edison. It is the culture of innovation, thinking different, risk taking, and execution that will live on."
Are you convinced the company will remain Steve-like?
Read » Android Taking No Prisoners, But Apple Has The New iPhone 4S (comScore) comScore released its latest figures that, unsurprisingly, show continued growth for both
Google and Apple in the U.S. smartphone market. Google's
Android is seeing a steady upward climb now reaching 43.7% market share, while Apple's
iPhone seems to be slowing a bit with smaller incremental changes. Apple is now at 27.3% but that should get a boost with the free iPhone 3GS (with two-year contract) and launch of the new iPhone 4S.
Read » Apple Maintains Big Margins On The New iPhone (BGR)Apple’s 32GB iPhone 4S carries a materials cost of $203 per handset based on a tear down. Apple’s Canadian website states that the MSRP for its iPhone 4S starts at $649 (CAD, though Apple’s pricing in Canada and the U.S. are aligned in most cases), so presuming the company will stay true to form and add $100 to the MSRP of the 32GB model, Apple is looking at a margin of roughly $546 when taking only build of materials (BOM) into account. That's some big margin!
Read » Look To IBM To See How Apple Can Survive Without Jobs (Cult Of Mac)Like Apple today,
IBM had the same questions of how to survive the passing of a leader who embodied Big Blue.
IBM chairman Lou Gerstner, Jr., after pulling the company back from bankruptcy, stepped down in 2002. Like Apple, Gerstner turned the reigns over to the head of sales and operations, Sam Palmasano. Before becoming CEO, Tim Cook had been Apple's global sales head, Macintosh manufacturing guru and then Chief of Operations. It think we'll be ok.
Read » Daily Trader: AT&T To Be Big Winner With New iPhone (BusinessWeek)AT&T may gain an edge against its rivals with Apple latest iPhone announcements. AT&T uses network technology designed to handle data traffic for iPhone 4S at as much as twice the speed of
Verizon and
Sprint. AT&T will also have an exclusive on the cheaper iPhone 3GS, which the company will give away with a two- year service contract.
Read » 
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