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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
10/24/201412:00:18TECH STOCKS: Microsoft Gains Help Lead Tech's Advance
10/23/201419:49:24Apple's Ex-Retail Chief Readies Service for Web Shoppers
10/23/201411:10:27TECH STOCKS: Tech Stocks Rise Ahead Of Microsoft, Amazon Earnings
10/23/201409:49:25U.S. Hot Stocks: Hot Stocks to Watch
10/22/201409:06:36MARKET SNAPSHOT: U.S. Stocks: Futures Waver, But Boeing Gains...
10/22/201408:37:00MARKET SNAPSHOT: U.S. Stocks Jump; Nasdaq Enjoys Best Day In...
10/22/201408:01:41Hong Kong Protests Expose Differences in Local Media
10/22/201405:46:19MARKET SNAPSHOT: U.S. Stocks: Futures Dip; Boeing Results, Inflation...
10/21/201422:30:11Asian Shares Gain, Led By Japan
10/21/201417:29:45Apple's iCloud Service Under Attack in Mainland China
10/21/201417:28:25Apple's iCloud Service Under Attack in Mainland China--Update
10/21/201417:28:19Apple Says iCloud Servers Not Compromised
10/21/201417:24:50MARKET SNAPSHOT: U.S. Stocks Rally; S&P 500 Above Key Level
10/21/201417:17:36TECH STOCKS: Apple Leads Broad Tech Push North
10/21/201417:13:32MARKET SNAPSHOT: U.S. Stocks Gain; Apple Rallies On Results
10/21/201417:11:30MARKET SNAPSHOT: U.S. Stocks: Futures Gain; ECB Plays Down Stimulus...
10/21/201417:01:16MARKET SNAPSHOT: U.S. Stocks: Futures Gain As Apple Climbs, ECB...
10/21/201412:52:43BAE Boosts Cybersecurity Arm
10/21/201412:52:43ARM Holdings Profit Swings Higher
10/21/201412:00:52European Stock Markets Edge Higher

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