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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
03/27/201703:02:00Apple Gets a Patent Win in China -- WSJ
03/26/201705:21:00Apple Bites Back With iPhone Court Win in China
03/24/201706:48:00Today's Top Supply Chain and Logistics News From WSJ
03/21/201712:47:00Apple Offers Lower-Priced iPad -- 2nd Update
03/21/201712:08:00China Rolls Out Big Guns for Charm Offensive
03/21/201711:22:00Apple Offers Lower-Priced iPad -- Update
03/21/201710:04:00Apple Offers Lower-Priced iPad
03/21/201709:56:00Apple Offers Lower-Priced iPad
03/21/201708:35:00It's Apple vs. Trump in Taiwan, and the iPhone Maker Is Winning
03/21/201708:30:00Swift Playgrounds Now Available in Five Additional Languages
03/21/201708:30:00Apple Introduces Clips: The Fun, New Way to Create Expressive...
03/21/201708:30:00Apple Introduces iPhone 7 & iPhone 7 Plus (PRODUCT)RED Special...
03/21/201708:30:00New 9.7-inch iPad Features Stunning Retina Display & Incredible...
03/18/201701:49:00Apple CEO Tim Cook Defends Globalization in China Speech
03/17/201718:33:22Statement of Changes in Beneficial Ownership (4)
03/17/201715:23:00Apple Pledges Two New R&D Centers in China -- 3rd Update
03/17/201713:18:00Apple Pledges Two New R&D Centers in China --2nd Update
03/17/201710:39:00Apple Pledges Two New R&D Centers in China --Update
03/17/201710:36:00Bank of England Says Autonomous Cars May Give Insurers a Rough...
03/17/201710:10:00Apple Pledges New Development Centers in China Apple Pledges...

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