Apple is going to be fine. Tim Cook is not Steve Jobs, but he is a talented, highly respected executive who has been running Apple’s day-to-day operations for years. And Cook is not running the show alone. Apple has a deep bench, including superstars like industrial designer Jonathan Ive, marketing guru Phil Schiller and iPhone software specialist Scott Forstall. While some investors would have you believe that Steve Jobs single-handedly grew Apple up from the ground, the truth is that the company is now a highly polished product creation machine. And there are more miracles on the way.
The next-generation iPhone, the iPad 3, new Macs, potentially an amazing new HQ in Cupertino and maybe even Apple-branded televisions are on the way, no doubt along with other things that so far haven’t leaked. Think Apple is done changing the world? Think different.
Seriously: Apple will be just fine. And if the stock should happen to sell off here – the shares were down about 5% in late trading Wednesday – investors would be well advised to take advantage of what could be a tremendous buying opportunity. The company has $76 billion in cash; back that out from its market cap at Wednesday’s close and the stock is trading at just over 2x estimated revenues for FY 2012. The stock is cheap, and Apple will be fine.
Seriously: Apple will be just fine. And if the stock should happen to sell off here – the shares were down about 5% in late trading Wednesday – investors would be well advised to take advantage of what could be a tremendous buying opportunity. The company has $76 billion in cash; back that out from its market cap at Wednesday’s close and the stock is trading at just over 2x estimated revenues for FY 2012. The stock is cheap, and Apple will be fine.
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