Apple's Magic Act

[David Farber <dave () farber net>]

------ Forwarded Message
From: Monty Solomon <monty () roscom com>
Date: Sat, 15 Jan 2005 16:45:54 -0500
To: Monty Solomon <monty () roscom com>
Subject: Apple's Magic Act


Apple's Magic Act

The Mac Mini and the iPod Shuffle may sound like good news to some, but
one Fool thinks he hears the sound of Steve Jobs slipping his foot into a
neoprene booty, slipping on Fonzi's leather jacket, and preparing to take
a trip off the ramp and over the shark tank.

By Seth Jayson (TMF Bent)
January 12, 2005

Apple's stock took a bit of a dive yesterday following CEO Steve Jobs'
blockbuster presentation at Macworld. The reason was simple. Months of
hyperactive speculation have priced the stock at an extreme premium.
"Maybe Jobs will unveil an Apple media PC!" "Maybe the iPod will help
Apple steal market share from Windows PCs!" "Maybe Jobs will announce an
iPod that plays XM Satellite Radio!" "Maybe Steve will give us all a free
pony!"

Only the last of those farfetched hopes is something I made up. Worse
yet, these rank rumors have been propagated by "analysts," bless their
hearts, vying for the title of iBlodgett by pasting $100 price targets on
a stock that's already trading for 90 times earnings at 65% of that goal.
Pointing at the left field fence on your way to the plate worked during
El Bubble, and it worked for Babe Ruth, but it makes for some tough
expectations in today's somewhat-less-ridiculous market.

So, unfortunately for Apple shareholders, Jobs had to pull a rabbit out
of a hat. He did yank out a couple of cute little white critters, but
let's just say Dumbledore's position looks pretty safe for now. There's
nothing particularly magical about either of these, and that may add up
to trouble for everyone expecting Apple stock to continue its moon shot.

...

http://www.fool.com/news/commentary/2005/commentary05011203.htm


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