The Next "Big Thing" for Apple
From Yahoo Tech Ticker:
"Apple shares have fallen about 5% this week, a slide widely attributed to Monday's announcement that CEO Steve Jobs is taking leave of absence for medical reasons. While unsettling to shareholders, the drop is less than early indications suggested after the news broke.
"We've been through this fire drill three times," says David Rolfe, CIO of Wedgewood Partners, a St. Louis-based firm which oversees about $900 million in assets. "The street has come to learn how deep this management team is; how dynamic and how good."
In addition to COO Tim Cook, Rolfe cited design chief Jonathan Ive as key to Apple's success -- past and future.
"Investors are finally getting their arms around the fact it's inevitable Jobs won't be there," he says. "Perhaps his biggest accomplishment at Apple may not be any specific product but the culture he has inculcated the company with."
Apple is the largest holding at Wedgewood Partners and Rolfe remains "very bullish" on the stock, which, he says "hasn't kept up with unbelievable earnings."
On Tuesday Apple reported fiscal first quarter results far ahead of expectations, featuring a 78% year-over-year surge in net income to $6.43 per share, while revenue jumped more than 70% to $26.74 billion. (Analysts were expecting earnings of $5.42 a share on revenue of $24.4 billion.)
In the immediate future..."