“Apple stock could be headed to a level of $425 per share this quarter, DoubleLine CEO Jeff Gundlach said after the company reported disappointing earnings Wednesday,” Bruno J. Navarro reports for CNBC. “‘I think this is really a broken company that is over-owned,’ he said on ‘Fast Money.’”
“For the fiscal first quarter, it posted net income of $13.07 billion, or $13.81 a diluted share, compared to $13.06 billion, or $13.87 a share, a year earlier,” Navarro reports. “Gundlach also said that Apple stock remained ‘very, very much in the public’s psyche,’ which would keep share prices artificially high.”
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MacDailyNews Take: Apple yesterday reported the fourth quarter of the most profitable year of any publicly-traded company. Ever.
[Thanks to MacDailyNews readers too numerous to mention individually for the heads up.]