Apple Crosses $600. So What?

NEW YORK ( TheStreet) -- There is nothing the media likes more than a random line in the sand, a numeric point of demarcation, and so it's been with Apple ( AAPL) and $1,000 a share.

Did you hear? Apple could reach $1,000!

Here's the way the media rolls: a Morgan Stanley analyst's call that Apple will reach $960 a share by the end of 2013 translated into (you guessed it) an arms race of headlines featuring the $1,000 figure. Good round figures like that are eye candy, not to mention click magnets. Alone, perhaps, that's not ruinous. But here's the problem: lost in the excitement of the flashy headline and rush to explain it in the body of the article is any semblance of a counterargument or balance.

We had a typical effort from Fox Business, with a breathless headline that read: "Could Apple Reach $1,000? Shares Soar on Bullish Case." Read down deep beneath the breathlessness and you get no brakes, nothing that even momentarily considers another line of thought. But a media that does not stand athwart analyst excitement and say, "whoa, let's think this through for a moment," is serving as nothing better than a megaphone. To paraphrase Shakespeare, it is reporting told by an idiot, signifying nothing.

In an article that would have made Shakespeare proud, CNBC did not give into the $1,000 temptation in the headline and showcased some possible negatives: dividend funds are already buying the stock in anticipation of a declaration. Revenue forecasts are moderating and Apple may need to add carriers.

Look: Apple is a great company with a stable of transformative products. Just don't let that $1,000 figure blind you -- like it did the media -- to a rounded consideration of its current standing.

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