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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
08/04/201515:20:03Foxconn Seeks Manufacturing Sites in India
08/03/201517:44:08U.S. Firms Struggle to Trace 'Conflict Minerals'
08/03/201514:42:17Apple and Google Know What You Want Before You Do
08/03/201506:10:40Securities Registration (section 12(b)) (8-a12b)
08/02/201519:26:51For New York Times, a Gamble on Giveaways
07/31/201516:37:07Current Report Filing (8-k)
07/29/201521:20:23Samsung Profits Hurt By Smartphone Price Declines
07/28/201518:32:05Statement of Changes in Beneficial Ownership (4)
07/28/201518:31:37Statement of Changes in Beneficial Ownership (4)
07/28/201509:25:00Active Equities to Watch in the Consumer Goods Sector -- Apple...
07/28/201502:40:08Samsung Looks to Bigger Galaxy For Smartphone Star
07/28/201502:00:07Payments Startup Stripe Raises Funds at $5 Billion Valuation
07/27/201518:37:21Nike, Apple Agree to Settle Nike+ FuelBand Suit -- Update
07/27/201516:25:39Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/27/201513:40:07Nike, Apple Agree to Settle Nike+ FuelBand Suit
07/27/201513:37:53Nike, Apple Agree to Settle Nike+ FuelBand Class-Action Suit
07/27/201513:20:06GT Advanced Secures Loan Approval
07/26/201519:10:14Companies to Pledge $140 Billion in Effort to Cut Carbon Emissions
07/24/201516:07:21Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
07/24/201509:20:00Launching the Best iPod touch Yet - Report on Apple Inc.

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