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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
10/20/201406:02:07MARKET SNAPSHOT: U.S. Stocks: Futures Inch Up As Big Earnings...
10/19/201405:47:20MARKET SNAPSHOT: More Than 1/3 of Dow Stocks To Report This Week
10/17/201415:00:10New iPad Lets Users Swap Data Plans
10/16/201419:22:09First Impressions of the iPad Air 2: Refreshed but Not Reinvented
10/16/201419:00:24Apple Unveils Thinner iPad, Sharper Screen iMac--5th Update
10/16/201417:06:24MARKET SNAPSHOT: U.S. Stocks End Marginally Higher; Small Caps...
10/16/201415:30:11OS X Yosemite Review: The Mac Cozies Up to the iPhone
10/16/201415:03:11Apple Unveils Thinner iPad, Sharper Screen iMac--4th Update
10/16/201414:46:14Apple Unveils Thinner iPad Air 2 -- 3rd Update
10/16/201414:43:08MARKET SNAPSHOT: U.S. Stocks Rebound; Small Caps Rally
10/16/201414:35:37Apple Unveils Thinner iPad Air 2 -- 2nd Update
10/16/201414:21:29Apple Unveils Thinner iPad Air 2 -- Update
10/16/201411:58:40MARKET SNAPSHOT: U.S. Stocks Trim Losses In Choppy Trade
10/16/201410:30:04Housing Starts Seen Up 4.6%--Data Week Ahead
10/16/201410:18:34TECH STOCKS: Netflix Losses Stand Out As Techs Swoon
10/16/201409:16:38MARKET SNAPSHOT: U.S. Stocks: Futures Slide; Jobless Claims Drop
10/16/201408:09:07MARKET SNAPSHOT: U.S. Stocks: Futures Slide Around 1%
10/16/201407:05:36MARKET SNAPSHOT: U.S. Stocks: Futures Slide More Than 1%
10/16/201406:17:13MARKET SNAPSHOT: U.S. Stocks: Futures Slip With Goldman, Delta...
10/15/201412:40:08Google Unveils Nexus 6 Phone to Rival iPhone 6

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