“Can We Just Agree to Substitute ‘Analyst’ With ‘Stock Market Manipulator’ Everywhere the Word Is Used?”
Aabha Rathee, Wall Street Cheat Sheet:
Apple’s shares touched a new low on Monday as Cowen & Co. analyst Matthew Hoffman cut his current fiscal year estimates on the company after saying he expected the upcoming iPhone upgrade to be delayed.
Delayed? That’s not good.
Hoffman said his firm’s chip analyst Timothy Arcuri’s research showed that the construction of an iPhone 5S was trending toward the month of June, which was later than the April period of manufacturing the firm had earlier predicted. According to the analyst, the device may now launch in the fiscal fourth quarter, or the September-ending period.
Let me get this straight — an analyst gets to spitball production of a new iPhone as earlier than expected, then revise that prediction to the same quarter that the iPhone has been released in for the past two years, and shareholders respond to both? How dubious.
Headline copped from D’Arcy Norman.