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Analyst: Apple's Stock "Riding On Vapors, a Lot of Promise, and Hope"

Analyst: Apple's Stock "Riding On Vapors, a Lot of Promise, and Hope"

by , 5:40 PM EDT, August 2nd, 2004

An analyst with Wall Street firm Morningstar says that Apple's stock is "riding on vapors, a lot of promise and hope." The comments from analyst Rod Bare come in an article from CNN that looks at how Apple CEO Steve Jobs' cancer surgery might affect the company's valuation.

At issue, of course, is what would happen if Steve Jobs had to, or chose to, leave Apple. CNN's focus is that Apple's stock trades with a P/E of 36 , and the article suggests that such a valuation depends in part on Steve Jobs himself, a position Mr. Bare seems to support.

Mr. Bare told CNN: "When you take a stock that's riding on vapors, a lot of promise and hope that the next big thing will be around the corner, something like this does make you think. [...] Apple does rely on a cult of personality and the stock trades on some of that. [...] Apple's board must always have in the back of its mind, 'Will Steve Jobs get bored with this and do something else or will Pixar require more of his time?' Jobs is a guy who could call it a day on short notice."

The full article includes more information on Apple's management team, including a look at how Apple's interim head honcho, Tim Cook, might fare in his job.

Not discussed is the fact that Apple is one of the only profitable PC companies, or any of the different product lines and other successes from Apple that have played a role leading up to its current valuation. The reporter also did not offer any supporting or critical opinions on Mr. Bare's comments about Apple.

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