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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
09/29/201605:50:00Spotify Streams Into Japan
09/28/201615:00:00Apple and Deloitte & Touche Form Enterprise Next Service
09/28/201614:49:00Apple and Deloitte & Touche Form Enterprise Next Service
09/28/201614:00:00Apple & Deloitte Team Up to Accelerate Business Transformation...
09/28/201612:43:00Apple to Move Into London's Battersea Power Station -- Update
09/28/201611:26:00Correction to Apple Battersea Power Station Story
09/28/201610:35:00Apple to Move Into London's Battersea Power Station
09/28/201604:20:00Bank of England Re-Enters the Corporate Debt Market
09/26/201623:30:00Donald Trump Charges China With Yuan Manipulation Again
09/26/201617:50:0076ers Take a Shot at Competitive Videogaming
09/26/201616:00:00Major Labels Sue Popular 'Stream Ripping' Website
09/26/201609:50:00Roku Reboots Streaming Video Lineup With Cheap HD and High-End...
09/25/201621:50:00Apple Goes Without a Lobby Into European Fray
09/25/201615:32:00Apple to Battle EU Regulator Without Usual Lobbying Army
09/23/201618:37:37Statement of Changes in Beneficial Ownership (4)
09/23/201618:35:20Statement of Changes in Beneficial Ownership (4)
09/23/201615:10:00IHeartMedia to Launch On-Demand Music Service
09/23/201614:51:00IHeartMedia to Launch On-Demand Music Service
09/22/201607:20:00Apple Looks to Open First Store in Samsung's Backyard
09/22/201603:03:00Apple Held Talks With McLaren -- WSJ

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