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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
01/28/201520:40:34Samsung Electronics 4th Quarter Profit Falls 27%
01/28/201520:25:18Samsung Electronics Fourth-Quarter Profit Falls 27% -- Update
01/28/201520:24:30Can Apple Keep Up Its Growth Spurt?
01/28/201519:11:19Qualcomm Shows Unexpected Growth but Still Cuts Outlook -- Update
01/28/201517:36:32Qualcomm Shows Unexpected Growth but Still Cuts Outlook
01/28/201517:14:10U.S. Stocks End Lower
01/28/201514:52:10U.S. Stocks Pare Gains; Apple Buoys Tech Sector
01/28/201513:46:15U.S. Stocks Rise; Apple Buoys Tech Sector
01/28/201513:42:41U.S. Stocks Waver; Apple Rallies After Strong Earnings
01/28/201513:41:19U.S. Stocks Turn Lower
01/28/201513:35:53U.S. Stocks Open Higher
01/28/201513:33:15Correction to U.S. Stock Futures Story
01/28/201513:29:11U.S. Stock Futures Rise on Hopes in Tech Sector
01/28/201511:08:22European Stocks Rise
01/27/201519:55:19Apple Sells 46% More and Higher Price iPhones -- 4th Update
01/27/201519:28:06AT&T Results Narrowly Top Expectations -- 2nd Update
01/27/201519:25:13High-End Malls Get Boost from High-Tech Stores
01/27/201518:20:16Apple Sells 74.5 Million iPhones Over Holidays -- 3rd Update
01/27/201517:37:57Apple Sells 74.5 Million iPhones Over Holidays -- 2nd Update
01/27/201517:30:44Apple Sells 74.5 Million iPhones Over Holidays

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