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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
07/28/201615:45:00MARKET SNAPSHOT: S&P 500, Nasdaq Climb As Apple, Facebook March...
07/28/201615:36:00How Apple's Steve Jobs Tried to Buy ITV (The Brand, Not the Company)
07/28/201613:24:00MARKET SNAPSHOT: Stocks Fall As Telecom Sells Off, Oil Tumbles
07/28/201613:00:00TRADERS NEWS ANALYST- RELYING ON NEAR TERM TECHNOLOGIES TO FUEL...
07/28/201612:40:00China Clears Road for Uber to Operate Legally
07/28/201612:25:00Apple's Hard-Charging Tactics Hurt TV Expansion
07/28/201611:52:00MARKET SNAPSHOT: Stocks Fall As Oil Tumbles, Earnings Disappoint
07/28/201610:55:00Kingdom Holding Co. Reports 22% fall in 2Q Net Profit
07/28/201610:21:00MARKET SNAPSHOT: Stocks Fight To Climb After Mixed U.S. Data...
07/28/201609:30:00MasterCard Results Top Expectations as Transactions Grow
07/28/201608:18:59Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/28/201603:03:00In China, Apple's Rivals Flex Muscles -- WSJ
07/27/201621:40:00Samsung Reports Most Profitable Quarter in Two Years
07/27/201617:10:00GoPro Reports Loss, but Results Top Expectations
07/27/201616:50:00Facebook Posts Strong Profit and Revenue Growth
07/27/201616:35:29Quarterly Report (10-q)
07/27/201606:52:00Today's Top Supply Chain and Logistics News From WSJ
07/27/201604:20:00ARM Profit Up but Misses Forecasts
07/27/201603:03:00Apple Sales Cool Off As Foes Heat Up -- WSJ
07/26/201621:50:00LG Display to Invest $1.75 Billion in OLED Display Production

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