Tuesday, July 22, 2008

Apple continues to baffle financial community at earnings time.

Once again, most financial analysts and commentators spent the last 48 hours doing flips and twists and gnashing teeth and popping knuckles trying to come up with new contorted ways to look at, slice, dissect and chew on Apple earnings statements. Worst was probably the crew on Fast Money yapping about how Jobs must be sick and dying since he skipped the earnings call that he always attends. Fortunately, Goldman called in just before the show went off the air and corrected Ratigan & Co, noting that Jobs never attends calls and that "there is no news here." It was classic gyration.

In the end, the stock got hammered overnight, and has slowly and steadily regained most of its value during the day. Anybody looking for a bargan couldn't have done much better than picking up Apple shares last night at about 12% off.

I remain excited by what I see hinted at in the latest call. I sense the company going in for the kill on pricing. Riding the wave.

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