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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
07/22/201411:06:33TECH STOCKS: Apple, Microsoft On The Rise With Earnings On Tap
07/22/201410:49:30MARKET SNAPSHOT: U.S. Stocks Rise; Chipotle Rallies On Results
07/22/201409:53:34MARKET SNAPSHOT: U.S. Stocks Open Higher; CPI In Line With Forecasts
07/22/201409:09:55MARKET SNAPSHOT: U.S. Stocks: Futures Gain On Inflation Data
07/22/201408:12:35MARKET SNAPSHOT: U.S. Stocks: Futures Rise Ahead Of Inflation...
07/22/201407:29:23IQE Shares Dive on First-Half Revenue Fall
07/22/201405:57:21MARKET SNAPSHOT: U.S. Stocks: Futures Climb Ahead Of Inflation...
07/21/201411:23:22TECH STOCKS: Netflix, EMC Lead Tech Gainers
07/21/201409:10:39MARKET SNAPSHOT: U.S. Stocks: Futures Fall On Gaza, Russia Headlines
07/21/201408:02:36MARKET SNAPSHOT: U.S. Stocks: Futures Drop On Gaza, Russia Headlines
07/21/201406:06:46MARKET SNAPSHOT: U.S. Stocks: Futures Dip On Gaza, Russia Headlines
07/21/201406:03:12MARKET SNAPSHOT: U.S. Stocks: Futures Dip On Israel, Russia Headlines
07/21/201403:20:37MARKET SNAPSHOT: Small Caps' Slump, Ukraine Fears May Hold Up...
07/18/201418:53:57TECH STOCKS: Google Spurs Tech Gains Following Earnings
07/17/201411:26:51TECH STOCKS: Microsoft Steals Thunder With Big Job Cuts
07/17/201401:36:37MARKET SNAPSHOT: Dow Hits Intraday Record; Apple, IBM Drive Gains
07/17/201401:29:32MARKET SNAPSHOT: U.S. Stocks Open Higher; Yellen In Focus
07/16/201423:58:59MARKET SNAPSHOT: U.S. Stocks: Futures Rise; PPI Up In June
07/14/201418:36:37TECH STOCKS: Techs Gain Broadly; Apple Rises On Analyst Upgrade
07/14/201418:35:14MARKET SNAPSHOT: U.S. Stocks: Dow Closes Above 17,000

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