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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
05/01/201622:10:00Hulu Bets on Cable-Style Web TV
04/29/201620:09:00Fitbit Scores Against Jawbone in Patent Dispute
04/29/201603:03:00Smartphone Makers Get Squeezed -- WSJ
04/28/201621:36:00Samsung Group Names Kwon Oh-hyun to Be CEO of Display Business
04/28/201618:38:00Correction to Apple Story
04/28/201617:13:40Automatic Shelf Registration Statement of Securities of Well-known...
04/28/201616:20:00Icahn No Longer Has Apple Stake, Cites China Concerns
04/28/201616:04:00Icahn Says He No Longer Has Apple Stake, Citing China Concerns
04/28/201614:52:00Icahn No Longer Has Apple Stake, Cites China Concerns -CNBC
04/28/201608:00:00LG Electronics Profit Growth Powered by TV Business
04/28/201603:03:00Tech Giant Is Bruised By China Market -- WSJ
04/28/201602:50:00Sony Returns to Net Profit
04/27/201618:40:00Amazon Liable for Children's In-App Purchases, Court Rules
04/27/201618:30:00Texas Instruments Reports Slightly Higher Profit
04/27/201617:40:00FBI Confirms It Won't Consider Telling Apple About iPhone-Hacking...
04/27/201617:33:00FBI: Won't Consider Telling Apple About iPhone Hack
04/27/201616:50:00Facebook Revenue Soars on Ad Growth
04/27/201616:39:14Quarterly Report (10-q)
04/27/201615:44:00BOND REPORT: Treasury Yields Tumble To 1-week Low After Fed Decision
04/27/201615:34:00BOND REPORT: Treasury Yields Tumble To 1-week Low After Fed Decision

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