"Apple's shares drop back under $500 a share, never breaching $600 to the upside and spending most of the year under $525 a share as profit estimates are again shaved. (Icahn dumps the shares; see more on Icahn in also-ran surprises.)" -- From my " 15 Surprises for 2014"Apple ( AAPL) reported disappointing quarterly results and poor guidance after the close of trading last night. Depending on your perspective, it was either a good quarter or a bad one. It should take a few days for the market to sort that one out. Prior to the quarter's release, the Apple meme shifted from fundamentals to the conspicuous Carl Icahn. The activist expanded his Apple position to over $3.5 billion worth, then tweeted about the stock and wrote an open letter to Apple's shareholders about why he has accumulated such a large stake. In his communiques, Carl Icahn expressed the notion that Apple was a no-brainer. I suppose he meant that Apple is a very cheap stock. But maybe, after the release of the company's punk results and guidance yesterday, what he meant by no-brainer was that it takes no brains to own it. This is not meant as an attack on Icahn. I, for one, have consistently observed that the only thing I am certain of in the stock market is the lack of certainty. This applies both to billionaires and to retail investors. Whenever I think I have a no-brainer investment, I find out that, in actuality, I have no brains!
Kass: Dissecting Apple's Quarter
Jan 28, 2014 | 11:00 AM EST
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