Apple trade update

September 23, 2010

As stated previously, dissapointed with lack of apps on new iTV.  Stock has gone straight up since ANT issued long thesis on Aug 25.  From $239 to $290 (up 21%).  This is not attributable to the sucess of iTV as the product is low margin and has barely been mentioned since its (re) debut.  Seems everyone on the street wants to own this thing on the fundamentals and on momentum.  Short term should remain long.  Begining to worry about the sucess of Android.  Its selling, attracting app developers and attracting more hardware (i.e. the Microsoft Windows virtous circle).  Doesnt help GOOG’s bottom line but will likely start to hurt AAPL.  If iPhone net additional subs starts to slow, the bottom will start to fall out of this stock as the media pounces on the re-run of the Windows story.  That being said there is much geo expansion and domestic growth left in the iPhone.


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