Piper Says Apple (AAPL) Event Negative in Near-Term; Remains Confident in Long-Term
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Piper Jaffray's Gene Munster, often considered "the Axe" for Apple (Nasdaq: AAPL) stock coverage, just issued a report with his thoughts regarding Apple's special event, which just ended about an hour ago. The firm maintains its Buy rating and $250 price target on the stock. Piper also kept Apple on its Alpha List.
Munster notes that Apple released redesigned Nano's and Touch's, as expected, and Steve Jobs was the keynote speaker, also as expected. However, despite a joke related to his rumored health concerns recently, the Piper analyst points out that Jobs' appearance was mostly unchanged compared to his appearance at WWDC in June of this year. Although this may cause concern among investors, Piper sees no reason why Jobs will not continue to serve as Apple's CEO.
Using historical trading patterns, Piper says shares of Apple have traded down 2% on average, on the day of the last 3 September conferences and down 1% from the day before to the week after. From the day before the September event to the 4 months after, however, the firm notes that the stock has gone up about 41%.
Apple, Inc. designs, manufactures, and sells personal computers, portable digital music players, and mobile communication devices, as well as related software, services, peripherals, and networking solutions worldwide.
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Misleading Headline
Dick Brown on Sep 9, 2008 05:32 PMWhere in that article does Piper mention that the even was negative. Your article put a negative spin on his comments that didn't exist. Munster did not talk about the event as being a negative.