NEW YORK ( TheStreet) -- After I had taken a decidedly bearish stance on BlackBerry ( BBRY) following the horrendous first-quarter earnings report, the bulls came out in defense.
Honestly, how do you defend a company that had over one-third of its market cap shaved off after its results were released? Clearly, the market has spoken. I guess you could support the notion that a stock can only get so cheap, (which many bulls do). I will admit that I don't expect BlackBerry to go bankrupt, but why own that over other companies that are far better? Bulls point to the 'large' cash balance of some $3-odd billion and no debt. But if sales growth is, well, not growing, then who cares? Phone sales were down 15% from last quarter and the company's flagship Z10 phone's sale price is now being slashed by many retailers after only being available for a couple of months. Instead, why not buy Apple ( AAPL)? I would say Google ( GOOG), but for comparison purposes I thought Apple fit the bill better because of its performance. I know some will find that this a preposterous idea right off the bat, but consider this: BlackBerry's year-to-date performance is -24%. Nearly just as bad is Apple, off over 17% and down 22% before the company's earnings report was released on Wednesday. So which makes more sense to buy? While the bears have been relentless on Apple and why it's still doomed to fail, the company continues to rake in massive profits amid popular demand. iPhone sales in the last quarter came in higher than analysts had expected, fighting the notion that the smartphone market is softening. Some are even calling for the dethroning of CEO Tim Cook. While the guy might not be the most innovative fellow, he sure knows his stuff from an operational standpoint. Also, if he's off the hook for the irresponsible buying frenzy of Apple shares in 2012, why is being held responsible for the collapse over the past nine months?