Will Apple Fall Far From the Tree?
This commentary originally appeared at 7:31 a.m. EDT on Oct. 26 on Real Money Pro -- for access to all of legendary hedge fund manager Doug Kass's strategies and commentaries, click here.
By now, most know that Apple (AAPL) reported in-line quarterly revenue and profits but provided weak guidance on gross margin (36% to 37%) and earnings ($11.75 a share). Though the company is a sandbagger by nature, the EPS guidance would represent the first year-over-year profit decline in many years. The decline in gross margin was explained by the broadest product refresh in the company's history -- the costs of the new products are higher than the previous menu -- with new products expected to account for about 85% of the December quarter's sales....498 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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