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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
08/25/201618:35:36Statement of Changes in Beneficial Ownership (4)
08/25/201618:34:06Statement of Changes in Beneficial Ownership (4)
08/25/201618:05:00Correction to Firm Manipulated iPhone Software article
08/25/201615:10:00Firm Manipulated iPhone Software for Spying, Report Says
08/25/201614:48:00Firm Manipulated iPhone Software to Allow Spying, Report Says
08/25/201602:30:00Apple Music Festival to Light Up London with 10 Nights of Spectacular...
08/24/201614:30:00U.S. Criticizes EU on Corporate Tax Probes
08/24/201613:59:00Treasury Department Criticizes EU on Corporate Tax Probes
08/23/201617:10:00Spotify in Talks Over Music Rights
08/23/201614:30:00Pinterest Acquires News-Bookmarking App Instapaper
08/23/201614:00:00Former Facebook Live Manager Launches Live-Streaming App Alively
08/23/201603:03:00Apple Acquires Medical Startup -- WSJ
08/22/201615:30:00Apple Purchases Medical Startup Gliimpse
08/22/201615:13:00Apple Purchases Medical Startup Gliimpse
08/22/201603:02:00Ahead of the Tape: How Apple's Tim Cook Is Faring -- WSJ
08/22/201601:40:00Sharp to Restructure in Effort to Boost Brand
08/21/201622:10:00China 'Selfie' App-Maker Meitu Plans Up to $1 Billion Hong Kong...
08/21/201615:12:00Replacing Steve Jobs: How Apple CEO Tim Cook Has Fared Five Years...
08/19/201608:20:00Pandora Nears Deals For On-Demand Streaming
08/19/201603:04:00Australia Regulator to Take More Time on Mobile Wallet Services...

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