As predicted, the analysts are irate over being proven wrong, and being exposed for living in a fantasy world, after Apple reported positive on Tuesday.
Q: So, what is their collective reaction?
A: To spin everything they predicted into a cloud of FUD and make it sound as if Apple MUST produce a new product or create a new market, otherwise they are just inches from collapsing upon itself.
Let’s just take a few examples of post earnings commentary from some of the “most respected” analysts…by the way, the “most respected” deignation means most able to get newswires to report their dribble.
First up is Steve Milunovich of UBS, who said…
“Clearly, the company is not out of the woods,” he added. “The quarter was better than expected, with both revenue and margins at the higher end of the range. And yet there are a still a lot of answers that we need to really believe this is a stock that’s going to take off.”
Then there’s Walter Piecyk of BTIG who says…
We don’t think that Apple can hit its newly issued revenue guidance for the September quarter unless it launches new products
And the infamous Glen Yeung of Citi, who never has a kind word about Apple…
We acknowledge that Apple’s upcoming products hold some promise for investors, limiting downside, but in light of the view that smartphone sales are decelerating, we reserve our enthusiasm.
Decelerating! DECELERATING! WTF Glen, Apple had it’s strongest quarter ever for iPhone sales! man, you have to wonder what drugs these analysts are taking to be so ignorant to reality.
There are many, many more quotes I could pull, all the same drivel, all the same complete ignorance, all the same FUD. What really concerns me though, is how easily Wall Street investors are taken in by this crap.