A study of 17 invitations issued over the past 9 years tells you only so much
Silicon Alley Insider's Dan Frommer raised a good question Wednesday. "Is Apple really going to announce a TV gadget," he asked, "at an event with a guitar on the invitation?"
The invitation he refers to is the one beckoning the press to an Apple (AAPL) special event in San Francisco next Wednesday, Sept. 1. The "TV gadget" is the lower-cost ($99 versus $229) version of the Apple TV set-top box widely rumored to be in the works.
The question matters to investors because Apple events have the power to move the stock, as Piper Jaffray's Gene Munster reminded clients yesterday. If you don't count 2008, when the entire market was in free-fall, Apple shares have risen an average of 12% over the past five years after the company's September events.
But Apple special events can also move the stock down if they are perceived as a disappointment or if investors buy on the rumor and sell on the news. "I'm concerned that expectations of some kind of super duper iTV won't be met," wrote Julian Alexander on Investor Village's AAPL Sanity board. "Personally I'm really hoping [Steve Jobs] reveals iPhone and iPad sales numbers. I think they'll almost do more good than any product announcement he might make."
In this context, the chronology of Apple invitations dating back to 2001 compiled by AAPLinvestors' Terry Gregory is instructive. If you match the wording and imagery with the products and services that were actually announced, it's clear that Apple's marketing department gives itself a lot of leeway in these things.
The growing importance of the iPhone -- which now represents 40% of Apple's (AAPL) revenue stream -- couldn't be clearer. Kudos to Dan Frommer at Silicon Alley Insider. Wish I'd thought of it.
Apple blow-out: Profits jump 89.5%
The bloggers called it. The Street blew it.
[Follow Philip Elmer-DeWitt on Twitter @philiped]Philip Elmer-DeWitt - Apr 22, 2010 7:55 AM ET
Piper Jaffray's chief Apple analyst talks -- at length -- to The Business Insider
For those who can't get enough of Gene Munster's Apple (AAPL) prognostications, here's a treat: 22 minutes of nearly unadulterated video courtesy of The Business Insider's Henry Blodget and Dan Frommer.
The videos, taped during a visit to the site's Manhattan offices late last week, were posted in three parts (with one more to come):
A Blodget interview in MOREPhilip Elmer-DeWitt - Jan 21, 2010 12:18 PM ET
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