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Reggie Middleton Wasn’t the ONLY Openly Apple Bear in the Blogoshpere, Was He?

Reggie Middleton's picture




 

The latest on Apple’s earnings that went so far in corroborating what
I’ve been preaching for months to a bunch of crazed, excitable Apple
fanatics who simply refused to see facts for what they were:

From CNBC:

Apple surpassed quarterly earnings expectations again with the help of strong sales of its iPhone, but iPad sales and margins disappointed [strong
demand, but the smart money is waiting to see what the Android tablets
are capable of - I don't think they'll be disappointed
], and its shares sank.

Weaker-than-projected gross margins [exactly as I anticipated - see
How Google is Looking to Cut Apple’s Margin and How the Sell Side of
Wall Street Will Enable This Without Sheeple Investor’s Having a Clue
]
and iPad shipments disappointed investors who had expected more from a
company that had smashed Wall Street’s targets in each of the past
eight quarters. Apple shares dropped 7 percent in late trading after
initially being halted. The stock finished the regular Nasdaq session
[AAPL  318.00  3.26  (+1.04%)   ]
more than 1 percent higher. Sales of Apple’s popular iPhone jumped 91
percent to 14.1 million units in the quarter. The company sold 3.89
million Macs, an increase of 27 percent. Apple sold 9.05 million iPods,
marking a decline of 11 percent year over year. The company 4.19
million iPads in the quarter….

“Ipad, a little bit disappointing there.
Street was expecting closer to 5 million units,” he said. “The problem
is supply, they can’t make enough of them. iPad will shine in the
December quarter. I believe it will be the holiday gift of choice.” [The
problem is more than supply. Yes, bottle necks affect sales, and there
is more than ample demand to drive said bottenecks, but as I stated
earlier, the "smart money" is waiting to try out the fleet of Android
tablets that are coming. I am a consumer of these products, I can speak
from personal experience.]

Gross margins in the fiscal fourth quarter came to 36.9 percent, a tad below Wall Street’s average forecast of 38.2 percent. [Uhhh,, that's a bit more than a "tad", see Apple on the Margin]

“It’s an incredible phenomenon—not only
did they beat our heightened expectations but they’ve blown past
forecasts, and it’s primarily driven by the iPhone,” said BGC’s Colin
Gillis. [and as expected, unbridled Apple optimism without
bothering to even glance at the trend that is forming. After the fact,
the next statement will be peppered all over the media - An "unexpected"
plunge in Apple's margins caused a crash sell off in the NASDAQ today,
as nearly all stocks save Google fell"
]

From Bloomberg: Apple Forecasts Profit That May Miss Predictions

Oct. 18 (Bloomberg) — Apple Inc.
forecast profit for the current quarter that may miss analysts’
predictions amid supply constraints that hampered sales of the iPad
computer. Profit will be about $4.80 a share in the current period,
which includes the yearend holiday shopping season. Analysts surveyed by
Bloomberg had predicted profit of $5.03. Apple fell in extended
trading.

Apple sold 4.19 million iPads last quarter, fewer than the 4.5 million predicted by Gene Munster,
an analyst at Piper Jaffray Cos. in Minneapolis. Sales may have been
impeded by difficulty in getting access to the parts needed to make the
device, said Giri Cherukuri,
chief investment officer of Oakbrook Investments. “People may be a
little disappointed with the weaker iPad sales,” said Cherukuri, whose
firm owns Apple shares. “Apple also had conservative guidance for the
next quarter. The market is trying to digest that.” Apple, based in
Cupertino, California, slumped 5 percent to $302.02 in extended trading. It had climbed $3.26 to $318, a record, at 4 p.m. in Nasdaq Stock Market trading. The shares, up 51 percent this year, surpassed $300 for the first time last week.

Smartphone makers using Google’s Android operating system took share from Apple during the second-quarter [Yep, Competition May Take a Bite Out of Apple], researcher ISuppli Corp. said in a report last week [Exactly as forecast on BoomBust -iSuppli Continues to Validate BoomBustBlog’s Original Thesis: Android as the Viral Game Changer!].
Google’s Android software, used by manufacturers including HTC Corp.,
Motorola Inc. and Samsung Electronics Co., is the most popular
smartphone software in the U.S., according to a study from Gartner Inc. [See Android Increases the Revenues of Those That Adopt It, to the Detriment of Those That Don't?]. Samsung,
HTC, Motorola and Dell Inc. are among the companies using the Android
operating system in tablet computers to rival the iPad. Hewlett-Packard
Co., the largest computer maker, also is developing a tablet computer.
Apple Chief Executive Officer Steve Jobs
may get a sales boost by expanding the availability of the iPhone in
the U.S. Verizon Wireless may begin selling the device in January, two
people familiar with the matter said in June.

I actually gave a warning of Apple’s potential for margin compression on CNBC (about 3 minutes into the video) a few hours before they reported. So, take a look at how the market reacted…

Was this an “unexpected” occurrence? Hell no! BoomBustBlog clued you
in last month. Actually, it wasn’t a clue – I stated it EXPLICITLY!
Reference

…In the meantime, sheeple-like investors
are being hoodwinked by quarter after quarter of Apple blow out
earnings. Don’t get me wrong. I feel and fully acknowledge that Apple
is executing on all 8 cylinders of a 6 cylinder engine, but it still
has its real world limitations. Apple will start to bump up against
these limitation over the next 4 quarters, and the signs of this bump
are already apparent. Of course, the signs are being handily masked by
the games that Apple management and the sell side analysts of Wall
Street play, with the “Sheeple” retail and the lazier component of the
institutional investors being put out to take the eventual bullet.

Riddle me this – If Apple can
consistently beat the estimates of your favorite analysts quarter after
quarter, after quarter – for 11 quarters straight, shouldn’t you fire
said analysts for incompetency in lieu of celebrating Apple’s ability
to surprise?
After all, it is no longer a surprise after the
11th consecutive occurrence, is it? I would be surprised if my readers
were surprised by an Apple surprise. Seriously! Apple management
consistently lowballs guidance to such an extent that it can easily
manage, no – actually create outperformance. This has has a very
positive effect on their valuation. Of course, I do not blame Apple
management for this, of they are charged with maximizing shareholder
return. The analytical community and the (sheeple) investors which they
serve is another matter though. Subscribers can download the data that
shows the blatant game being played between Apple and the Sell Side
here: File Icon Apple Earnings Guidance Analysis. Those who need to subscribe can do so here.

Below, I drilled down on the date and
used a percentage difference view to illustrate the improvement in P/E
stemming from the earnings beats.

In our analysis of Apple, we are
using real world assumptions of future performance derived from backing
in to the low balling this company is prone to. If you look at its
history carefully you can gauge what management is comfortable with,
hence what they may be capable of on the margin. Using these more
realistic numbers, it is much more likely Apple will deliver a miss in
the upcoming quarters in its battle with the Android! The following is
the reason why.

Those that are interested in my take on Apple’s potential and actual margin compression issues should subscribe and download File Icon Apple iPhone Profit Margin Scenario Analysis Model.
For those that thought the BoomBustBlog was just finance and real
estate, to date we are 3 for 3 in the technology space, and I have quite
a few more companies to go. In the mobile computing cue is still Apple
itself, quite a few component companies and potentially even Microsoft.

The Research In Motion Forensic Valuation and Analysis is Released to the Public

For those who want a sample of our analysis, I have made the RIM
model available for free download now that it has hit our initial price
targets

The Complete, 63 pg Google Forensic Valuation is Also Available for Download to all paying subscribers.

More on the Creatively Destructive Pace of Technology Innovation and the Paradigm Shift known as the Mobile Computing Wars!

  1. There Is Another Paradigm Shift Coming in Technology and Media: Apple, Microsoft and Google Know its Winner Takes All
  2. The Mobile Computing and Content Wars: Part 2, the Google Response to the Paradigm Shift
  3. An Introduction to How Apple Apple Will Compete With the Google/Android Onslaught
  4. This article should drive the point home: 
  5. A First in the Mainstream Media: Apple’s Flagship Product Loses In a Comparison Review to HTC’s Google-Powered Phone
  6. After Getting a Glimpse of the New Windows Phone 7 Functionality, RIMM is Looking More Like a Short Play
  7. RIM Smart Phone Market Share, RIP?
  8. Android is gaining preference as the long-term choice of application developers
  9. A Glimpse of the BoomBustBlog Internal Discussion Concerning the Fate of Apple
  10. Math and the Pace of Smart Phone Innovation May Take a Byte Out of Apple’s (Short-lived?) Dominance
  11. Apple on the Margin
  12. RIM Smart Phone Market Share, RIP?
  13. Motorola, the Company That INVENTED the Cellphone is Trying to Uninvent the iPad With Android
  14. Android Now Outselling iOS? Explaining the Game of Chess That Google Plays in the Smart Phone Space
  15. More of the Android Onslaught: Increasing Handset Revenues and Growth
  16. The BoomBustBlog Multivariate Research in Motion Valuation Model: Ready for Download
  17. The Complete, 63 pg Google Forensic Valuation is Available for Download
  18. iSuppli Continues to Validate BoomBustBlog’s Original Thesis: Android as the Viral Game Changer!
  19. BoomBustBlog Research Hits Another One Out the Park! Google up nearly 10% after hours, true blowout earnings unlike JPM

 

 

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Tue, 10/19/2010 - 01:55 | 660509 Dburn
Dburn's picture

He's put a lot of work into having this one day occur. What Reggie doesn't mention is the massive cash build up. Look at the cash flow statements and remember cash flow is a operating term and profit is an accounting concept. I look at the cash flow statements. The ease of which Steve Jobs can keep shareholders away from asking for dividends, something Microsoft had to fold to when their cash hoard reached 61 billion. Apple's is at or above 55 billion in a ZIRP environment.  My guess is that any margin erosion that occurred was more due to product mix than competition.

Carriers Jump when Steve Jobs calls. Carriers dictate terms when Droid manufacturers call. Look how far and fast the stocks of the companies that will , according to Reggie, shut Apple down. These guys are drowning. He compares the smallish Apple with all these manufacturers , open source software and figures they have no chance. That's what they said about Linux as Red Hat was driven into the stratosphere during the 2000 Tech bubble until they realized it was just a support company.

Is Jobs out to repeat the mistakes that Reggie Believes he made even though he was forced out of the company in 1985, by not licensing the O/S? Look at what happened when they did. They were 90 days from Bankruptcy when Jobs stepped back in 1997 and quickly cut the clone makers off by buying them out . They were supposed to be selling against PCs instead it was far easier to take Apple's customers

$10,000 invested at that point would be  $750,000 today.That's through two stock crashes and Jobs close brush with Death. As one person pointed out Buying the equivalent of one share of Apple , or spending $300 on Apple stock in 2003, would be worth $12,000. Then you look at the large cash position which has yet to be used as a baseball bat with the market cap that precludes anyone from coming in to buy them out.

I think Reggie is reaching backwards to show why Apple almost went bankrupt instead of looking forward as it becomes the richest corporation in America. If the analysis doesn't include the large amounts of cash that is piling up and the massive user base along with the fact that no one has come out with a Pad yet that comes close to Apple's despite the first one being made in 1989 by a PC maker, one has to wonder when LG electronics has to delay their entry because Froyo is not equipped to handle the tablet that should compete with Apple. Next year? How big is this market and how many years lead time are they going to give Apple who is still eating up the supply of common parts and buying them at the best possible price. No BOD is going to approve the front end buy of 10 Million LCD screens for any of the competitors. But Jobs can do that. You should know margins in electronics is buying the best components at the best price to make certain returns are minimized. That comes down to design, sourcing and manufacturing.

So Gross margin goes down 10%, Sales up 71% and Cash increases by 10%. This is not the sign of a normal fast growth company that has no where near software margins. They should be consuming capital instead of financing their own growth out of internally generated cash flow that is so substantial and well managed that there is an excess, a large excess that normally would be eaten up by accounts receivable or inventory. Analysis that is also sadly missing from the reports that I read.

Once people analyze the cash flow , the superior inventory management and use of capital along with return on equity , then your 15 minutes  is up. Notice I never once mentioned brand equity or the products themselves or the eco system around them. That's for the opposite side of the coin which makes the company whole.

Operationally, they are executing better than any company I have ever seen. Microsoft made 111 acquisitions to Apples 8 in the last 10 years. Don't you think Apple could buy any Technology it wants to to enhance it's own offerings? Having 55 billion in cash and cash equivalents is not a sign of weakness especially when they are not buying back shares or paying dividends. They know a battle is coming. Their ammo dump just keep getting larger as does their support base. Meanwhile you state Mr. Softies still could be Microsoft yet it  has consistently lost money on it's online and gaming divisions for years while users suffered the security breeches , Vista and bugs bugs bugs, of their software and somehow they are going to go up against this ?  Reggie, Bill Gates is gone. Even if he was there, he doesn't have the fire in his belly he once had and the current CEO is just not with it. Ballmeer is a great salesman. He isn't a CEO.

Same with Google's Eric Schmidt who is no 11th dimensional chess player. In fact, you should spend some quality time analyzing his past. While Jobs was whiling away the time in exile from building a Fortune 500 company before age 30, with puny investments investments of 10 million in Pixar that eventually yielded him 3.5 Billion and made him Disney s largest shareholder and Next Computers  which he eventually sold to Apple at a nice profit, Eric was having his ass handed to him by the Microsoft Juggernaut led by Bill Gates who himself said this about Jobs: "he is the smartest and toughest guy I have ever met". They do share one thing in common. They are both monopolists. The last guys you want to get in a fight with. Schmidt may have that in the back of his mind. Just might.

Just for fun, argue the other side. See what comes up.

Tue, 10/19/2010 - 07:32 | 660686 Reggie Middleton
Reggie Middleton's picture

Whoa, you wrote a lot there. Let me just bite a chunk or two off and throw it back at you.

I think Reggie is reaching backwards to show why Apple almost went bankrupt instead of looking forward as it becomes the richest corporation in America. If the analysis doesn't include the large amounts of cash that is piling up and the massive user base along with the fact that no one has come out with a Pad yet that comes close to Apple's despite the first one being made in 1989 by a PC maker, one has to wonder when LG electronics has to delay their entry because Froyo is not equipped to handle the tablet that should compete with Apple. Next year? How big is this market and how many years lead time are they going to give Apple who is still eating up the supply of common parts and buying them at the best possible price. No BOD is going to approve the front end buy of 10 Million LCD screens for any of the competitors. But Jobs can do that. You should know margins in electronics is buying the best components at the best price to make certain returns are minimized. That comes down to design, sourcing and manufacturing.

Sir, exactly who do you think Apple sources these parts from? You need to do a lot more digging before you challenge me on this front. Let me help you out -

A Quick Peek Into the REAL WORLD Logic That Went Into Building the BoomBustBlog Apple Model: It’s Called Compression!!! October 19th, 2010 by Reggie Middleton

So Gross margin goes down 10%, Sales up 71% and Cash increases by 10%. This is not the sign of a normal fast growth company that has no where near software margins. They should be consuming capital instead of financing their own growth out of internally generated cash flow that is so substantial and well managed that there is an excess, a large excess that normally would be eaten up by accounts receivable or inventory. Analysis that is also sadly missing from the reports that I read.

I don't recall seeing you as a paid client. What analysis did you read? Are you referring to the "free" blog opinion posts?

Tue, 10/19/2010 - 02:47 | 660543 jeff montanye
jeff montanye's picture

no tree grows to the sky; past performance is no guarantee of future performance. railroad stocks looked good in 1928; gm was quite a stock in 1956.  steve jobs is mortal. the world is in a deflationary depression.

Tue, 10/19/2010 - 06:42 | 660653 taraxias
taraxias's picture

the world is in a deflationary depression

Bingo! That's what analysts keep forgetting, they think the consumer buying binge will continue.

It's over, folks, get over it.

Tue, 10/19/2010 - 01:07 | 660465 patience...
patience...'s picture

I bought when Reggie said sell, nice return since. Not real sure about the parts shortage story causing the iPad numbers, but time will tell. What's the chance of AAPL continuing it's climb, probably pretty good.

Tue, 10/19/2010 - 05:06 | 660611 Padrone
Padrone's picture

On Apple's own online store I can get any iPad within 24 hours delivery. Well the supply issues cant be that big then..

As Jobs says they have supply problems,..

http://www.reuters.com/article/idUSTRE69H4UX20101019?pageNumber=2

 

Tue, 10/19/2010 - 01:38 | 660493 Reggie Middleton
Reggie Middleton's picture

RIF...

Exactly when did Reggie say "sell"?

Tue, 10/19/2010 - 00:18 | 660408 GS is short Gold
GS is short Gold's picture

nice call but stop talking about yourself in the 3rd person.

Tue, 10/19/2010 - 00:25 | 660417 dehdhed
dehdhed's picture

this guy seems pretty proud to reference a report he issued a month ago after which apple made a 30% run.

Tue, 10/19/2010 - 00:35 | 660428 dehdhed
dehdhed's picture

that didn't make sense

his article was titled

How Google is Looking to Cut Apple’s Margin and How the Sell Side of Wall Street Will Enable This Without Sheeple Investor’s Having a Clue

and his concluding sentence was

The fact of the matter is, whether concerning Apple or gold, allowing you emotions, passions likes and dislikes to cloud the empirical process of analysis is a sure fire path to losing money – Sure fire!

i don't know if i'd be so quick to pat myself on the back if i were him

Tue, 10/19/2010 - 00:05 | 660389 swamp
swamp's picture

Not quite responsive Reggie, but what do you think of this: 

 

CFTC CONSPIRACY WHISTLE BLOWER
Bix Weir

OCTOBER 18, 2010

U.S. Commodity Futures Trading Commissioners

3 Lafayette Centre

1155 21st St. NW

Washington, DC 20581

RE: CFTC CONSPIRACY WHISTLE BLOWER

CFTC Commissioners:

For years I have been writing your organization and protesting the obvious manipulation of both gold and silver on the COMEX. Time and time again you stated and/or implied that I didn’t know what I was talking about and I was just another “conspiracy nut”. I finally came to the conclusion that your organization was either Incompetent or Corrupt but I had always given you the benefit of the doubt and settled on incompetence.

NEW DEVELOPMENTS IN THE CFTC SCANDAL:

On September 17, 2010, CFTC Administrative Law Judge George H Painter issued a “Notice and Order” announcing his retirement from his position. In this notice Judge Painter wrote of a conspiracy at the highest levels of the CFTC (within the ENFORCEMENT DIVISION) where a long time judge of 20 years has been conspiring with past CFTC Chairs to RIG THE ENFORCEMENT OF THE LAW by NOT finding ANYONE guilty of market manipulation. Here are Judge Painter’s own words:

“There are two administrative law judges at the Commodity Futures Trading Commission: myself and the Honorable Bruce Levine. On Judge Levine’s first week on the job, nearly twenty years ago, he came into my office and stated that he had promised Wendy Gramm, then Chairwoman of the Commission, that we would never rule in a complainant’s favor. A review of his rulings will confirm that he has fulfilled his vow. Judge Levine, in the cynical guise of enforcing the rules, forces pro se complaints to run a hostile procedural gauntlet until they lose hope, and either withdraw their complaint or settle for a pittance, regardless of the merits of the case”

The full text of the Letter can be found at this link:

www.futuresmag.com/SiteCollectionDocuments/Guides_PDFs/Judge%20Painter%20Notice%20and%20Order.DCpdf.pdf

Needless to say I was shocked at this revelation even though I knew it was always one of either two choices: Incompetent or Corrupt. Here we have not ONE but THREE senior people at the CFTC who had knowledge of a gigantic miscarriage of justice and cover-up that is still going on. Although Judge Painter should be commended for blowing the whistle WHAT TOOK HIM SO LONG?! I am truly disgusted at the corruption at the heart of the CFTC. Judge Levine should be tried for TREASON for his involvement in this scandal.

I DEMAND a full investigation into the allegations and complete disclosure of ALL PARTIES involved. I also DEMAND that you STOP delaying the Silver Investigation that has been hung up in the ENFORCEMENT DIVISION for for two years now!

We have waited far too long for justice.

It is high time that HEADS ROLL AT THE CFTC!

I await an immediate reply to this letter.

Bix Weir

RoadtoRoota.com

 

Mon, 10/18/2010 - 23:53 | 660368 MatrixAnalytix
MatrixAnalytix's picture

Nice work on CNBS today dude!

Mon, 10/18/2010 - 23:23 | 660312 doolittlegeorge
doolittlegeorge's picture

you market mover, you!  now PAY FOR LUNCH!

Mon, 10/18/2010 - 23:07 | 660277 lolmaster
lolmaster's picture

well you must either be a billionaire or full of s***

Mon, 10/18/2010 - 23:05 | 660272 putbuyer
putbuyer's picture

You pegged it, and next time make CNBS give you a chair. You were rock solid. Peace

Mon, 10/18/2010 - 22:55 | 660247 Cui Bono
Cui Bono's picture

Reggie- Nice job using charts, and data, and, and, stuff, we get to see the wizard behind the curtain and now you ruined it for everyone. iFor one am laughing so much I not going to be able to sleep tonight.... Kill Reggie Kill!
thanks! CB

Mon, 10/18/2010 - 22:44 | 660219 NOTW777
NOTW777's picture

it runs from 235 to 320 in a month and a half; save the endzone dance;  it was overbot and over hyped but my guess is it wont be put out of business by the droid.

does HP or GOOG sell macs yet? ipods?

Mon, 10/18/2010 - 22:52 | 660241 I am a Man I am...
I am a Man I am Forty's picture

"Save the endzone dance"......no kidding.

This company is printing money.  Margins are getting hurt slightly because the new phone was more expensive to produce.  Net income $4.3B in the quarter.

ZH has an apple hate fetish.

 

Mon, 10/18/2010 - 23:01 | 660266 Uncle Remus
Uncle Remus's picture

an apple hate fetish

Kinda just rolls off the tongue don't it?

But you know, Apple just accessorizes the symptoms of the disease. Smith & Wesson makes the cure.

Mon, 10/18/2010 - 22:40 | 660208 mrhonkytonk1948
mrhonkytonk1948's picture

Just when you think they are about to get trumped by the competition, out comes the iPhone 3D with coffee maker.  Or the iPad with holographic projector.  I  suspect they have a pipeline.

Mon, 10/18/2010 - 22:26 | 660174 hotkarlandthecl...
hotkarlandtheclevelandsteamers's picture

Nice call Reggie you have been bearish on Apple since $250, it closed at $298, if we open down $68 you will be back to even.

Tue, 10/19/2010 - 00:00 | 660376 avonaltendorf
avonaltendorf's picture

Easily enough over a period of weeks. I have puts at 260.

Mon, 10/18/2010 - 22:24 | 660165 Mercury
Mercury's picture

How many others were voicing (pre-release) concerns about Apple today on CNBC I wonder:

http://www.cnbc.com/id/15840232?video=1618325359&play=1

Mon, 10/18/2010 - 22:22 | 660162 tom a taxpayer
tom a taxpayer's picture

Reggie - Great research. Great macro views. Great calls. Thanks.

Mon, 10/18/2010 - 22:42 | 660215 mikla
mikla's picture

+1

Reggie does the math.  He's got a big brain, too.

Saw Reggie on CNBC today.  Great job -- but golly, Reggie, don't you feel like you need to take a shower now?

Gotta admit, I only watched it because I saw it was Reggie.  Kind of annoying they want you to "hurry up and tell me what to buy" rather than talk about real issues.  I really don't think they understood what you said.

But, was it fun?  (Did they give you breakfast pastries?)

Mon, 10/18/2010 - 22:08 | 660131 Sam Clemons
Sam Clemons's picture

How many iSomethings does Apple need to sell to continue their current growth pace for the next ten years?  I would wager on too many for reality.

Mon, 10/18/2010 - 21:56 | 660108 Mitchman
Mitchman's picture

Nice Reggie.  But you mean that you are 3 for 3.  Not 3 for 0.

Tue, 10/19/2010 - 00:03 | 660386 chopper read
chopper read's picture

or "3-and-0".

nitpick'n!

Mon, 10/18/2010 - 21:50 | 660093 I am a Man I am...
I am a Man I am Forty's picture

Reggie, iPhone sells jumped 91% and net income is up 70%.  Margins are going to come down with competition, got it, but if any other company gave these numbers, there would be no selloff.  iPad sells sucked, not exactly killing their bottom line though.

 

 

Tue, 10/19/2010 - 03:25 | 660541 Widowmaker
Widowmaker's picture

Ipad sales will come as use surges from doctors, to waitresses, to teaching, to third world next -- cloud the data.  The rest use phones (or ?) for portability (same cloud).

Apple is like a swiss timepiece, many moving parts but keeps near perfect time.

Reggie, smart money is having a good look at communications companies loaded with solid assets and the typical American debt dilemma.

Tick - tock - tick - tock... 

Mon, 10/18/2010 - 23:16 | 660301 I am a Man I am...
I am a Man I am Forty's picture

Looking at your "Apple on the Margin" your y-o-y estimate for 4th quarter iPhone unit sales was 38.5% and it came in at 91%.

Do NOT follow this link or you will be banned from the site!