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  Opening Segment #1:
Piecing AAPL's Pie?
  Tuesday, April 3, 2012
 
 

 

   
 

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Jim's
rating on
this stock

STOCK
SYMBOL

Closing
price that
day

Full Company Name

AAPL*

629.32

Apple, Inc. (AAPL*)

 
 

   Jim's Quotes from this segment:  

Jim:
          
Look, I didn't want to hear it, but I knew someone would do it. I knew someone would say that Apple, a $629 stock, is going to the magical $1000 mark. I knew that someone would predict that this company would be the first trillion-dollar stock. And then, ka-boom... it happened today, a day where the market stunk up the joint, with the Dow sinking 65 points...

Is this a case of "irrational exuberance"... the kiss of death... the phrase that was uttered 16 years ago by then Federal Reserve chairman, Alan Greenspan, about a stock market that just wouldn't quit, but maybe should. Well it sure quit right after Greenspan spoke, as investors shuddered that the market was simply too red-hot to handle, even as it did come back quickly when the impact of his remarks faded. So I say to myself, at Gene Munster, the analyst at Piper Jaffray, has he gone irrationally exuberant with his piece titled, "Why we believe Apple will be the first trillion-dollar company." Especially given that he came out with it on a day when many people feel the market has run out of steam, because the Federal Reserve seems concerned that things may have gotten good... good enough that it doesn't need to boost the market with more money.

I sure did dislike the timing of this report. This market got yanked from its bullish moorings when the Federal Reserve statement came out, saying that basically, we're not going to print more money.

And I didn't like that, after the close, Sandisk "blew up"... meaning, it announced disappointing orders for its flash drives, and demand that seemed really bad, after the bell. It's a release that will most certainly impact Apple tomorrow.

But you know, I have a hard time declaring this analyst report, recommending Apple, as irrationally exuberant. Sure, a trillion-dollar company is a heck of a lot of money. Sure, a thousand-dollar handle, as we call it in the business, seems highly unusual... although we've certainly accepted it with
Warren Buffett's Berkshire-Hathaway, haven't we?

In fact though, I think this call turns out to be perfectly rational.

So the bottom line...

▼   ▼   ▼   ▼   ▼

As much as I blanched at the name, Apple, with the price tag of a G, and the market cap of a Trill, the arithmetic makes sense. The judgments are more than conservative. The projections? Totally rational. Totally sober. Totally believable. The Fed may be about to take away the punch bowl, but Munster's drinking nothing, except un-spiked Apple juice, in his well-reasoned, well thought out, report.

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[end of segment]

Read Jim's next Segment here  

 

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[end of segment]

*Note:  An asterisk next to a stock indicates that Jim owns it currently for his charitable trust.  If you are interested in a particular stock, Jim Cramer recommends that you always do the homework on each stock, and that you wait at least one trading week after his show recommendation to evaluate whether it is a good stock trade or investment for you. 

Market Results today:

Dow:  - 65

Nasdaq:  - 6

S&P 500:  - 6

 

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