NEW YORK (
fills his blog on
every day with his up-to-the-minute reactions to what's happening in the market and his legendary ahead-of-the-crowd ideas. This week he blogged on:
- the recent Apple pile-on;
- why your definition of "technology" should be broader than Apple and Microsoft; and
- why you should be in the market for shares of eBay.
for information on
, where you can see all the blogs, including Jim Cramer's -- and reader comments -- in real time.
Everyone's Taking Potshots at Apple
Posted at 4:01 p.m. EDT on Friday, April 20.
Can we go up without
(AAPL - Get Report)
? I am beginning to think we can't. I am beginning to think that Apple has turned into a Spanish bond auction, for heaven's sake, and it has become the be-all and end-all of this market.
I also believe that the parabolic move that got Apple up to the $600s was not sustainable and that what we have here is a $64 stock that has fallen to $57, and in falling that amount it has created a panic of epic proportions.
Of course, all of the "reasons" behind the weakness -- supply constraints involving
oversupply -- are, without a doubt, simply short bait.
If Apple gets its iPhone intro pushed back, is that going to affect my $53 EPS number for 2013? Yet that's what is going to happen if Qualcomm is constrained. I couldn't care less. Verizon? That's total conjecture. I have other people telling me that Verizon is just trying to do whatever it can to not give 100% of the upper hand to Apple. So it is trying to play hardball. Sales are amazing.
SanDisk? Flash is like Drams: The companies are dramatically overproducing. To extrapolate that overproduction with the possibility that Apple isn't ordering enough is the height of ridiculousness.
> > Bull or Bear? Vote in Our Poll
It's not over. We will hear from
, a chip supplier to Apple, and
, another chip supplier, on Monday night and Tuesday morning, both before Apple's Tuesday evening report. I am sure people will pick those numbers apart and come up with still more negatives about Apple.
It is now to be expected.
Such is the world, though, of a stock that has gotten too important compared with the rest of the market. At least the decline is happening before the report, therefore making it a little lower a hurdle before the actual report.