NEW YORK (TheStreet) -- The new iPhones are out, there's no new groundbreaking product, and a deal with China Mobile Limited (CHL) - Get Report is not yet official -- although Apple (AAPL) - Get Report has obtained a license to sell on its 3G and 4G networks.
Before going on, I must admit that I am not in the "anxiously-awaiting-the-supposed-iWatch" camp. An iWatch could do wonders for the health and fitness crowd, but beyond that, I just don't see it contributing all that much.
New revenue is new revenue, to a point, but it's not likely the product that will significantly move the needle. Hell, as a shareholder, I hope I'm wrong. But either way, this company needs time and patience, something that Wall Street doesn't concede very easily.
CEO Tim Cook never had a chance when it came to public scrutiny. While former CEO Steve Jobs was flawless in executing the transition in leadership, the product cycle didn't favor Cook -- as if filling Jobs' shoes wasn't hard enough. Now investors are growing more impatient without a new, revolutionary product.
Instead, we've seen only evolutionary. But Apple isn't known for introducing new product after new product. Rather, it has a new, game-changing product spaced out over several years. Apple has the iPod, iPhone and iPad. Those didn't all come within a three- to five-year time span, and so why should we expect something else to?
I'd rather have a great product that took its time finding its way into the marketplace than something that was hurried in. Cook happened to come in at a time where no new products were on the verge of introduction.
While Cook isn't the charismatic showman that Jobs was and is known for his efficient product channeling and warehousing more than for his innovation, that doesn't mean he's the wrong guy for the job. You need both kinds of people at a tech company.
Without innovation, the company is doomed to fail. Look at what happened to
, as management never thought the phone market would change from a keyboard and scroll ball.
But at the same time, without effective supply chains and efficient management, all that hard, innovative work can be undone quite quickly -- especially when earnings season rolls around.
Apple still has Jonathan Ive, who is a creative genius and who will keep Apple's innovative edge the same way that Cook will keep the company's grip on tight efficiency in order.
Jobs had described Ive as his "spiritual partner" at Apple and many times took his ideas and ran with them -- something that drove Ive crazy. That was made clear in Walter Isaacson's biography on Jobs. I'm not saying that to take away anything from Jobs, I'm just saying that Ive is a talented man, who will keep packing the lightning in the bottle, so to say.
Apple is fine. Its products are great, the cash keeps pouring in and new products are just around the corner. It didn't bow to investors' wishes and take the cheap way out with its products.
Instead, it continues to produce premium products, with premium price tags. Eventually, the market share will come and so will new products. More tech companies will start copying those, too, but Apple just needs some time. Have patience and you will be rewarded.
At the time of publication, the author was long Apple.
-- Written by Bret Kenwell in Petoskey, Mich.
Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.