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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
11/25/201416:00:17Spotify's Revenue Rose in 2013, But Losses Continued - 2nd Update
11/25/201415:58:38Apple Shields Information in GT Advanced Creditor Probe
11/25/201415:35:53MARKET SNAPSHOT: S&P 500, Dow Hit Records; Small-caps, Nasdaq...
11/25/201409:20:23Sony Vows to Return Smartphone Unit to Profitability
11/25/201409:06:32Sony Vows to Return Smartphone Unit to Profitability -- Update
11/24/201420:38:05Milk Studios Sues Samsung Over Use of Name
11/24/201418:30:14BlackBerry Targets iPhone Users With Promotion
11/24/201417:15:57MARKET SNAPSHOT: S&P 500, Dow Hits Records; Small-caps, Nasdaq...
11/24/201417:03:03TECH STOCKS: Redbox Owner Outerwall Among Tech Gainers
11/24/201413:25:27MARKET SNAPSHOT: U.S. Stocks Edge Higher On Low Pre-holiday Volume
11/24/201410:38:16MARKET SNAPSHOT: U.S. Stocks Edge Up, Set For More Records
11/24/201410:36:44MARKET SNAPSHOT: U.S. Stocks Edge Up, Topping Record Highs
11/24/201409:23:22MARKET SNAPSHOT: U.S. Stocks: Futures Higher At The Start Of...
11/24/201404:24:11Taiwan Output Hits New High, but Government Warns of Slowdown
11/21/201403:08:50China Mobile's Need for Speed -- Barron's Asia
11/20/201418:46:30Devices to Track Every Move You Make
11/20/201417:23:05TECH STOCKS: Apple Leads The Tech Sector Higher
11/20/201412:50:45TECH STOCKS: Apple Gains Help Tech Sector Rise
11/19/201421:27:34Billboard 200 Chart to Include On-Demand Streaming in Rankings...
11/19/201419:44:08Billboard 200 Chart to Include On-Demand Streaming in Rankings

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