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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
09/16/201400:51:26TECH STOCKS: Tech Stocks Fall; Microsoft Among Decliners
09/16/201400:40:05Apple Reports Record Preorders for New iPhone
09/16/201400:38:07MARKET SNAPSHOT: U.S. Stocks Fall As Nasdaq Sinks Nearly 1%
09/16/201400:23:51MARKET SNAPSHOT: U.S. Stocks Open Lower; Yahoo Rises
09/16/201400:13:33U.S. Hot Stocks: Hot Stocks to Watch
09/15/201419:54:26MARKET SNAPSHOT: U.S. Stocks: Futures Flat As Investors Wait...
09/15/201409:44:04MARKET SNAPSHOT: U.S. Stocks: Futures Nudge Lower As Investors...
09/14/201416:45:31Don't Underestimate Smartwatches
09/12/201416:40:35TECH STOCKS: Apple, EBay Gains Can't Blunt Other Tech Losses
09/12/201415:17:53TECH STOCKS: Tech Stocks On A Mixed Trading Path
09/11/201416:57:39TECH STOCKS: JDSU, Pandora Lead Broad Tech Gains
09/11/201411:57:07What Do The World's Top Watchmakers Think of Apple Watch?
09/11/201411:53:21TECH STOCKS: JDSU, Pandora Buck Tech's Weak Performance
09/11/201409:28:32MARKET SNAPSHOT: U.S. Stocks: Futures Fall; Jobless Claims Rise
09/11/201408:06:53MARKET SNAPSHOT: U.S. Stocks: Futures Pull Back; Jobless Claims...
09/10/201422:52:21ASIA MARKETS: Hong Kong Stocks Fall On U.S. Losses, China Growth...
09/10/201422:10:41Japan Stocks Rise on U.S. Gains
09/10/201420:19:12Will Stores Warm Up to Apple Pay?
09/10/201417:16:47MARKET SNAPSHOT: U.S. Stocks End Higher, Helped By Apple's 3...
09/10/201416:40:43TECH STOCKS: Apple, Twitter Gains Stand Out Among Tech Stocks

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