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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
07/11/201415:12:41MARKET SNAPSHOT: U.S. Stocks Pick Up; Amazon Rallies
07/11/201411:21:46MARKET SNAPSHOT: U.S. Stocks: Genworth, Fastenal Losses Weigh...
07/11/201410:47:50TECH STOCKS: Amazon Rallies; Microsoft, IBM Slip
07/11/201409:28:55MARKET SNAPSHOT: U.S. Stocks: Futures Rebound; Wells Fargo Meets...
07/11/201408:10:33MARKET SNAPSHOT: U.S. Stocks: Futures Rebound; Wells Fargo Earnings...
07/11/201408:08:21China Labels iPhone a Security Threat
07/10/201416:28:12TECH STOCKS: Apple, LinkedIn Lead Tech Retreat
07/10/201412:04:35TECH STOCKS: Apple, Yahoo Lead Tech Retreat
07/08/201416:38:30TECH STOCKS: Google, Twitter, Facebook Lead Tech Retreat
07/08/201416:13:03TECH STOCKS: Google, Twitter And Facebook Lead Tech Retreat;...
07/08/201400:30:50New Tech Group Joins Crowded Field to Set Rules for 'Internet...
07/07/201417:15:59MARKET SNAPSHOT: U.S. Stocks End Lower; Biotechs, Internet Stock...
07/07/201416:41:44TECH STOCKS: Apple, Applied Materials Rise; Twitter, Facebook...
06/26/201416:42:53Correction to Apple IPod Touch Story
06/26/201416:40:47Apple Cuts Prices on IPod Touch
06/26/201412:54:11Taiwan Central Bank Keeps Key Interest Rates Unchanged -- 2nd...
06/25/201416:45:11TECH STOCKS: Google, Zulily Lead Tech Gains
06/25/201416:21:33Czech O2 to Renew iPhones Sales After Refusing to Stock Apple...
06/25/201416:20:26TECH STOCKS: Google, Zulily Gain In Mixed Day For Tech Stocks
06/25/201405:59:33Hon Hai in Talks to Make Smartphones for Photo-App Developer

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