AAPL closed at $590.09 Wednesday after hitting a 52-week high of $599.43 intraday. It's flirting with $600 minus the dynamism the critics have been clamoring for. Even the dopes who were drawing charts during Apple's recent earnings call lamenting an iPad "growth problem" and such can't keep AAPL down. What will happen when the 2014/15 product roadmap kicks into high gear?
I know what will happen -- the flight to safety will kick into uber high gear as well. It will have taken way too much time, but investors will have realized that if they're going to bid a stock up they should bid up the one with the best question marks to have.
You don't bid up freaking Twitter with a management team pushing a farcical advertising-based business model. You don't bid up stinking Pandora (P) with a CEO who wouldn't know what to do with the company's data firehose if somebody wrote about what he should do with it everyday. You don't bid up MSFT and HPQ on hopes and dreams that lack anything resembling a wholesale move away from a PC market Apple's Mac continues to crush.
But you do bid up the stock floated by the company that has so much cash it doesn't know how to spend it because it refuses to waste it.You do bid up the stock floated by the company that obliterates earnings estimates; sells nearly 44 million iPhones, more than 16 million iPads and over 4 million Macs; turns a "hobby" into 20 million Apple TV set top boxes sold; continues to steal domestic marketshare from Android; and is primed to prepare a coffin for the aforementioned Android and send a nail through it all in the same year. That's the stock you bid up when you come to your senses. The tech stock crash made investors come to their senses. And when they came to their senses -- go figure -- they flocked to AAPL. What will they do when all the uncertainty that dogs Apple (wink, wink, nudge, nudge) ... all of the horrible question marks go away and Apple starts executing again? That's not a rhetorical question. And the answer is $1,000 (or $142.85714285714286). Follow @mynameisrocco --Written by Rocco Pendola in Santa Monica, Calif.