So when it was announced that outspoken billionaire Carl Icahn had invested millions of dollars in Apple stock, and the stock was “extremely undervalued,” in a Tweet no less, the price predictably rose. This was after being in the doldrums for months, on the theory that Apple has had its day in the sun, and it was time for Samsung and other companies to take over.
Of course, it doesn’t seem to matter that Apple is, by percentage at least, more profitable than Samsung. It doesn’t matter that another company that seems to always get a pass on Wall Street, Amazon, rarely shows much of a profit. The financial community seems to take Amazon’s financial model in stride, yet the vaguest indication that Apple might not be doing as well as before starts a freakout.
Of course there’s yet another element in recent days that may have made some investors feel better about Apple, and that’s the promise of a September 10 media event where the new iPhone is expected to be introduced. Not that Apple has announced any such thing, but it appears that some journalists have gotten advance word, and that’s enough to make it seem credible.