NEW YORK ( TheStreet) -- When David Tepper speaks it moves markets. His ability to mesh common sense with numeric proof resonates with the herd.In Tuesday's interview on CNBC, Tepper commented that Apple ( AAPL) would perform with the market until it resumed an uptrend resulting from an evolutionary or revolutionary upgrade to its product portfolio. Skeptics immediately jumped all over Tepper's statement, they disagreed that Apple stock can rise if the next round of innovation is merely evolutionary. How could the mighty David Tepper say such a thing? Doesn't he know that Apple can't survive unless its next revolution is right around the corner? Hasn't he heard how much better Google Maps is compared to Apple Maps? What about the market share reports in Android's favor? Doesn't he read financial media? If this guy knew anything he would understand that no uptrend can occur with Tim Cook at the helm; Tim's not Steve and without Steve the Apple story is over. Despite these headwinds David Tepper still said what he said. Perhaps his numbers are telling him a different story. So what do the numbers look like? Before I give you the data just know that Apple management's decision to unleash the largest share repurchase program in the history of Wall Street is no small thing. Any company that is able to grow earnings and simultaneously reduce its share count will find itself in a golden age of earnings per share appreciation. When all is said and done, year over year EPS appreciation or depreciation is what moves a stock. EPS is Wall Street's fall back metric. It never fails. Apple's current rate of negative EPS growth (caused by year over year gross margin compression) is the leading cause behind the $300 correction of the last eight months.
These are the kinds of numbers that tell a hedge fund manager like David Tepper that it's okay to own Apple even if its product upgrade cycle is evolutionary. Both the media and the market are infatuated with Apple's short term market share battle against Samsung but the big picture perspective illustrates that this commoditized market share battle is meaningless. In the real world Apple enjoys a brand loyalty and customer satisfaction rate beyond compare. Its share of industry profits is what matters most and that share in the smartphone space is at 57%.
Consider this brief selloff ahead of Tim Cook's June 10 WWDC keynote the calm before the storm for Apple stock. Yes, an EPS storm is brewing. At the time of publication, the author was long AAPL. Follow Jason Schwartz @applesummit This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.