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Posted on 12/29/2006 12:34:37 AM PST by Swordmaker
As we mentioned in yesterday’s wrap-up, we had a heck of a good time buying Apple while everyone else was selling and selling Apple while everyone else was buying over at the member’s site.
Today we are either being handed a huge gift by AAPL or we are on the road to doom but I am very likely to take out our callers this morning back near yesterday’s lows as we will have this matter resolved tomorrow and we may get a chance to sell them all over again before the day is up. If not, perhaps we will just take our profits off the table as they are substantial on these Apple trades!
I know I’m a radical but, rather than listen to a bunch of half-assed analysts on CNBC ("Can Not Be Checking") and 4th party accounts from pretty much every other news source, I took the 45 seconds it takes to actually track down the actual Financial Times article all this new nonsense is based on.
It turns out this story originated from San Francisco, the same city as yesterday’s PR attack on Apple began. It also turns out that, like yesterday’s attack - there is no new information here, just a repackaging of the original story and facts.
"According to an Apple filing in 2002, the options under review were handed to Mr Jobs in October 2001, at an exercise price of $18.30 a share. However, the purported board authorization was dated near the end of the year, suggesting that the benefits were both not properly authorized and were backdated. Mr Jobs later surrendered his options before they were exercised, implying that he did not gain any direct benefit from them. He was later given a grant of restricted stock by the company instead.
Under Apple’s rules, the chief executive’s remuneration must be set by a compensation committee of independent directors and later authorized by the full board."
I know - that’s it! The top business news story of the past 24 hours, all the non-stop pontificating by every analyst with a pulse since this story broke last night and that is all there is. As Reinharden said yesterday in comments:
"It’s kind of like saying “Local police are examining radar gun displays to determine whether speeding tickets should be issued”. Local officials say that speeds more than 20 mph above the speed limit could result in reckless driving charges. Reckless driving is often associated with driving while under the influence which carries a mandatory jail sentence. Killing someone while under the influence is often prosecuted as manslaughter.
"And this morning the markets decided that that means that Mr. Jobs was going to jail for manslaughter ’cause the police looked at their radar gun…"
We made a lot of money on this nonsense yesterday and we will exercise caution but let’s be on the lookout for another great opportunity today as all this negative Apple news seems very oddly timed ahead of MacWorld, the Friday filing of the actual SEC statement, the fact that PC magazine wrote a glowing article re. the 30% increase in Mac sales (thanks Kustomz), the fact that ITunes traffic increased 400% over last year’s holidays…
With plenty of positive Apple news to report on, I find it very interesting that the Financial Times’ other Apple headline yesterday was "Apple remains unfazed by march of Microsoft’s Zune." March of Zune? I don’t even think Microsoft’s own PR division would have the nerve to call a 1.9% market share a "march."
Unfortunately, in today’s media saturated world, it is not enough to just check our sources - we also need to check the agenda of our sources!
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Buy AAPL on any weakness.
LOL...don't confuse the Bots with facts...
Pretty much universally true, not just in the computer world.
Anybody from HP in the news lately? How's HP stock doing? That's all you need to know about how Apple stock and Steve Jobs will be dealt with.
You were right! Time to buy...
"Also, you want to spread the rumor that it's not going to be ready for Macworld. And this is very easy because the people who write about Apple want that story...And you can claim that it's credible because you spoke to someone with Apple...and they're not going to comment...It's really an ideal short....and the way you do that is you pick up the phone and call six trading desks...I think that's a very effective way to keep the stock down..."
"I'm not gonna say this on TV..."
Go here and then pick the 12/22 one.
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