CapEx spending is up 9 fold in 3 years, the bulk on equipment for a few key suppliers
When Apple (AAPL) reports an uptick in its cash and marketable securities holdings -- up $5.4 billion to $81.6 billion last quarter -- Bernstein's Toni Sacconaghi can usually be counted on to call for the company to return some of that cash to the shareholders (70% of whom happen to be institutions like MOREPhilip Elmer-DeWitt - Nov 15, 2011 8:12 AM ET
Sanford Bernstein's top Apple analyst is dubious about Steve Jobs' television dreams
Analysts have been arguing for ages about whether Apple (AAPL) is ever going to enter the $118 billion/year flat-screen TV market. But two things have changed in the past month:
1. Walter Isaacson's biography of Steve Jobs quotes him as saying he's "finally cracked" the problem of controlling an integrated cloud-based television.
2. The Siri system that Apple introduced on MORE
The payoff should Apple prevail in the patent wars: an estimated $30 billion
In a note to clients issued Thursday, Bernstein's Toni Sacconaghi takes a hard look at the flurry of patent lawsuits Apple (AAPL) has launched against the manufacturers of Google (GOOG) Android phones.
All in all, he likes Apple's chances. The two key bullet points (we quote):
We anticipate that Apple will push its legal claims hard and unrelentingly and believe MOREPhilip Elmer-DeWitt - Jul 28, 2011 12:50 PM ET
An analyst imagines everything it might be when -- and if -- it opens this spring
Among the people who follow Apple (AAPL) closely, the massive server farm the company is constructing in Maiden, N.C., has achieved near mythic status. It has become the answer to every unanswered question about Apple's troubled online strategy, from what Steve Jobs was thinking when he green-lighted Ping to how MacBook Air users are supposed MOREPhilip Elmer-DeWitt - Mar 23, 2011 6:13 AM ET
An analyst offers four reasons nobody has managed to match Apple's iPad
"Undercutting Apple on pricing has been the de facto strategy for competitors. Surprisingly then, no competitor has yet matched Apple on tablet pricing, which begs the question of why."
So begins a note to clients issued Wednesday morning by Bernstein Research's Toni Sacconaghi, who estimates that Apple (AAPL) may have a 750 to 975 basis point (7.5% to 9.75%) cost MOREPhilip Elmer-DeWitt - Mar 2, 2011 11:22 AM ET
An analyst asks whether it can keep outperforming the market without paying a dividend
Toni Sacconaghi just won't give up.
For more than two years, Bernstein Research's top Apple (AAPL) analyst been after Steve Jobs to spend some of the company's growing cash hoard ($51 billion as of September), preferably on a stock buyback or cash dividend.
"Shareholder frustration," he wrote in an open letter to the board of directors in August, "is MOREPhilip Elmer-DeWitt - Dec 8, 2010 11:54 AM ET
He will ignore the latest call for Apple to share its huge cash hoard as he ignores them all
Most of the arguments for and against the open letter to Apple's (AAPL) board of directors issued Thursday by Bernstein Research's Toni Sacconaghi have already been made. (See here and here.)
Sacconaghi's polemics against Apple's policy of holding on to its profits -- rather than distributing them to its shareholders -- tend to MOREPhilip Elmer-DeWitt - Aug 13, 2010 8:48 AM ET
Mark Hurd's departure is mired in muck, but C-suite headhunters are sure to focus less on the rumors than on the possibilities.
Yes, I know. The focus is supposed to be on who will be the next CEO of Hewlett-Packard (HPQ). Quite right. The company is nuts to suggest it won't skip a beat with Mark Hurd's resignation last week. A new CEO will shake up the senior-management ranks, and the MOREAdam Lashinsky, Sr. Editor at Large - Aug 9, 2010 6:04 PM ET
The second in a series of previews of Apple's results for the third fiscal quarter of 2010
You might think that estimating iPad sales for the fiscal quarter that ended on June 26 would be a pretty easy call for analysts, given that Apple (AAPL) let it be known five days before the end of the quarter that it sold its 3 millionth iPad on June 21.
Yet the analysts we polled MOREPhilip Elmer-DeWitt - Jul 9, 2010 6:58 AM ET
An analyst takes his quarterly look at the company from both sides now
There are a lot of superlatives being thrown around this week as analysts position themselves for Apple's (AAPL)'s fiscal third quarter earnings report, scheduled for July 20.
In a note to clients issued Wednesday, Bernstein Research's Toni Sacconaghi, not always the company's greatest booster, called Apple "the most secularly attractive name in our coverage universe."
Brian Marshall of Gleacher & MOREPhilip Elmer-DeWitt - Jul 7, 2010 1:52 PM ET
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