1) Not A Single Downgrade Today
Jobs’ resignation is arguably the worst news out of Apple (AAPL) in years and the Wall Street crowd didn’t even blink. 49 out of 51 analysts currently rate Apple a “BUY” with an average price target of $497 a share (according to Factset Data), which is roughly 32% above yesterday’s closing price. The Jobs shocker was met not with a flurry of downgrades and panic selling, but rather with a chorus of reiterations and calls to buy on any weakness.
2) Jobs’ Stake in Disney Is Twice As Big As His Slice of Apple
As a result of his Pixar sale, Steve Jobs owns 7.4% of Disney (DIS), or 138 million shares, worth roughly $4.5 billion. At the same time, his latest disclosed stake in Apple of 5.5 million shares, represents roughly 0.5% of the total float and is worth about $2.1 billion. His stake in Apple doesn’t even make him a top 20 shareholder. In Disney, Jobs’ is the top shareholder. His stake is way above Fidelity, Blackrock, State Street, and Vanguard which own chunks ranging from 3 to 4.5%.
3) Apple Gets Sued Almost Every Day
When you have grown to $350 billion in market value with a massive global reach, it is safe to say that you are a large target with deep pockets. In just August alone, 13 lawsuits have been disclosed pertaining to privacy violations in South Korea, class action in the US, numerous patent challenges, as well as a claim of price fixing.
4) Apple Has Not Missed A Quarterly Estimate in Nearly 9 Years
According to Factset, Apple has “beat the street” for 35 consecutive quarters – the longest streak of any company in the S&P 500 except for Cognizant Technology (CTSH). And speaking of earnings, the $7.3 billion net income Apple reported in July made it the largest contributor to earnings growth in the S&P 500 for the 2nd quarter. With Apple, S&P 500 earnings were up 11.8% in Q2. Without it, S&P 499 earnings would have risen only 10.0%.
5) Apple Has Not Traded Under $100 a Share Since March 18, 2009
What’s even more astounding is that on a split adjusted basis, (there have been 3) Apple’s IPO price is $2.75 a share. For the record, the actual IPO was done on December 12, 1980 at $22.00 a share. If you bought 1,000 shares of the Apple IPO, your $22,000 investment would be worth $2.9 million today.
6) Steve Jobs Personally Holds Over 300 Patents
According to the New York Times, it’s actually 313 patents. But what is more telling is the amount that some of his billionaire tech peers have: 9 for Bill Gates and about a dozen for Sergei Brin and Larry Page. Most of Jobs’ patents are tech-related, but the Apple founder even holds a patent for a glass staircase.