- JP Morgan comments on Apple Computer (NASDAQ:AAPL) saying the stock is under pressure today, as it appears investors are concerned about an article published by The Recorder regarding the company's options backdating investigation.
In regards to the potential for forged documents, at the conclusion of Apple's independent probe in October, the company noted the investigation "raised serious concerns reagarding the actions of two former officers...." Whether these actions included forged documents or not, there is no new news in The Recorder's article tying Steve Jobs to any wrongdoing.
The firm cannot confirm or refute the speculation that Steve Jobs may have hired an outside attorney. They would, however, have been surprised if Mr. Jobs did not have personal representation. This does not suggest any change to the conclusions of the independent probe in October either, in their view.
Overall, the firm continues to believe Apple will file its restated financials this week, and they would expect the filings to answer any remaining questions regarding the options investigation. As for the article in The Recorder, they can find little newsworthy revelations regarding Steve Jobs' tenure at Apple.
JPM believes the recent sell off in Apple's shares has provided investors with a unique opportunity to purchase the shares at depressed prices ahead of Macworld and the December quarter earnings release next month. They are reiterating Overweight rating.
Notablecalls: Looks like the market agrees with JPM here. At least for now.
In regards to the potential for forged documents, at the conclusion of Apple's independent probe in October, the company noted the investigation "raised serious concerns reagarding the actions of two former officers...." Whether these actions included forged documents or not, there is no new news in The Recorder's article tying Steve Jobs to any wrongdoing.
The firm cannot confirm or refute the speculation that Steve Jobs may have hired an outside attorney. They would, however, have been surprised if Mr. Jobs did not have personal representation. This does not suggest any change to the conclusions of the independent probe in October either, in their view.
Overall, the firm continues to believe Apple will file its restated financials this week, and they would expect the filings to answer any remaining questions regarding the options investigation. As for the article in The Recorder, they can find little newsworthy revelations regarding Steve Jobs' tenure at Apple.
JPM believes the recent sell off in Apple's shares has provided investors with a unique opportunity to purchase the shares at depressed prices ahead of Macworld and the December quarter earnings release next month. They are reiterating Overweight rating.
Notablecalls: Looks like the market agrees with JPM here. At least for now.
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