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Einhorn: Apple Is Great Company With Great Balance Sheet

By Amy Or Of DOW JONES NEWSWIRES Greenlight Capital's David Einhorn vouched for Apple Inc. (APPL) in his speech at the Ira Sohn conference in New York on Wednesday, saying the company is a "great company with great balance sheet." He said some investors' concern that Apple can't maintain its hyper growth was based on the "misunderstanding" that Apple, like other hardware manufacturers, may suffer from a one-hit wonder. But the hedge-fund manager said Apple is a software company that can get consumers hooked onto its products through its various hardware products. The value investor said Apple's current value "isn't demanding," as "most cellphones aren't smartphones and tablets are still young and immature." On Apple's huge cash holdings, Einhorn said Apple doesn't need to give out dividends. Rather, he said the company should issued preferred shares, as it doesn't demand an immediate use of cash and poses no maturity or refinancing risk. In his over-100-page slide presentation, Einhorn commented on an eclectic range of stocks and topics, including his dislike of Martin Marietta Materials Inc. (MLM), saying the company "has a lot of problems"; and China, cautioning the nation's credit tightening may stifle economic growth. He also criticized United States Steel Corp. (X) for generating a loss despite its iron ore cost being just over a third of what its competitors had paid.

Stock News for Apple (AAPL)
DateTimeHeadline
04/24/201417:00:13MARKET SNAPSHOT: U.S. Stocks End Choppy Session Higher
04/24/201412:37:58MARKET SNAPSHOT: U.S. Stocks Rebound; Nasdaq Leads Gains
04/24/201412:19:36U.S. Stocks Rise, Buoyed by Apple, Facebook Results
04/24/201411:38:01TECH STOCKS: Apple Continues To Climb After Earnings
04/24/201411:36:56TECH STOCKS: Apple Sharpens Its Edge After Earnings
04/24/201411:24:13MARKET SNAPSHOT: U.S. Stocks Fluctuate On Russia Worries
04/24/201410:33:36MARKET SNAPSHOT: U.S. Stocks Slip On Russia Worries
04/24/201409:41:09U.S. Hot Stocks: Hot Stocks to Watch
04/24/201406:18:32EUROPE MARKETS: European Stocks Strong After Ifo, Draghi Comments
04/24/201404:31:14EUROPE MARKETS: European Stocks Strong After Ifo, U.S. Earnings
04/23/201421:41:48FCC's New 'Net Neutrality' Rules Allow for Preferred Traffic...
04/23/201420:16:16Apple Boosts Buyback, Splits Stock to Reward Investors-- 4th...
04/23/201418:29:12Apple Reports Higher Profit, Stock Buyback -- 3rd Update
04/23/201418:24:18Apple Reports Higher Profit, Stock Buyback -- 2nd Update
04/23/201417:28:24Apple Reports Higher Profit, Stock Buyback -- Update
04/23/201417:21:03Apple Reports 7% Profit Increase
04/23/201417:02:14MARKET SNAPSHOT: U.S. Stocks Tumble; S&P 500 Ends 6-day Run
04/23/201415:47:47MARKET SNAPSHOT: U.S. Stocks Drift Lower
04/23/201411:08:38TECH STOCKS: Apple, Facebook, Amazon Off As Techs Retreat
04/23/201410:50:10HBO to Allow Amazon to Stream Older Shows--Update

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