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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
10/31/201412:32:14MARKET SNAPSHOT: U.S. Stocks Rally; Dow Up Triple-digits
10/31/201410:30:17MARKET SNAPSHOT: U.S. Stocks: S&P 500, Dow Hit Record Levels
10/31/201409:50:09Sony Posts Hefty Loss
10/31/201409:17:47MARKET SNAPSHOT: U.S. Stocks: Dow Surges After BOJ Stimulus Surprise
10/31/201408:07:22MARKET SNAPSHOT: U.S. Stocks: Dow Could Open At An Intraday Record...
10/30/201421:09:37Apple CEO Says He's 'Proud to Be Gay'
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10/29/201418:39:30Retailers' Trial Payment System Is Hacked -- 2nd Update
10/29/201413:27:40Apple Pay-AliPay Deal Would Boost NXP -- Barron's
10/29/201413:24:54China Expected to Open Domestic Bank-Card Clearing to Foreign...
10/28/201417:14:18Popular Software Gives Hackers Easy Targets, DOD Official Says
10/28/201416:58:04MARKET SNAPSHOT: U.S. Stocks Rally; Dow Closes Above 17,000
10/28/201410:37:25MARKET SNAPSHOT: U.S. Stocks Gain; Nasdaq Rallies
10/28/201409:14:36MARKET SNAPSHOT: U.S. Stocks: Futures Trim Gains After Durable-goods...
10/28/201408:31:17MARKET SNAPSHOT: U.S. Stocks: Futures Up On European Gains, Hopes...
10/28/201406:32:21MARKET SNAPSHOT: U.S. Stocks: Futures Up On European Gains, Hopes...
10/28/201402:10:12Apple CEO Happy With New Pay Service
10/27/201411:55:18TECH STOCKS: Twitter, GoPro Among Tech Stocks In The Red
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

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