This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Apple Finds a Friend in Jeffrey Gundlach

NEW YORK ( TheStreet) -- Apple (AAPL - Get Report) finally has a "friend" in Jeffrey Gundlach.

DoubleLine Capital's Gundlach, in an appearance on CNBC, said he'd rather own Apple for the next six months, as opposed to shorting it, though he noted he did not have a position in the technology giant. "It's a free cash flow machine," Gundlach said, in the interview. He noted that the company, excluding its cash, is trading around 6 or 7 times earnings, which is very cheap for the business.

In early March, Gundlach noted that Apple was "really oversold."

During the interview, Gundlach said that Apple is not going to be the company it was in the past, unless it's able to come up with another hit product. There's been a lot of incremental improvements in its products, Gundlach noted. Apple is reportedly planning to launch an iWatch later this year, which could provide additional revenue for the tech giant. Apple CEO Tim Cook has previously talked about new products, categories, services and software slated for the fall and 2014.

At last year's Ira Sohn Conference, Gundlach said that he was short the technology giant as part of a pair trade with natural gas. He said it would go to $425 per share, which it ultimately did, dropping below $400 at one point. He's since covered his short position in the name.

At this year's conference, Gundlach gave a slew of short ideas, including Chipotle Mexican Grill (CMG - Get Report), French bonds, bank deposits and gold.

Shares of Apple were slightly higher, up 0.12% to $461.36.

-- Written by Chris Ciaccia in New York

>Contact by Email.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG
AAPL $125.01 0.00%
CMG $627.23 0.00%
YHOO $41.66 0.00%
TSLA $230.43 0.00%
FB $78.10 0.00%

Markets

DOW 17,841.98 -86.22 -0.48%
S&P 500 2,080.15 -9.31 -0.45%
NASDAQ 4,919.6440 -19.6830 -0.40%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs