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#SaxoStrats
Today's edition of the Saxo Morning Call features the SaxoStrats team discussing the continuing weakness of the US dollar as commodity prices recover ground and in the wake of key US equity indices hitting all-time highs Thursday.
Squawk / 09 September 2014 at 20:40 GMT
Head of Equity Strategy / Saxo Bank
Denmark
Is time running out for Apple?
5y
Peter Garnry Peter Garnry
That is the question buzzing in my mind in the aftermath of tonight's Apple event. We got a faster iPhone - check. We got Apply Pay to kill PayPal and make our purchases easier - check. But then we got the Apple Watch with its electrodes as its only difference to what the iPhone can do - I can't see the relevance.
5y
Peter Garnry Peter Garnry
Apple has gone from near bankruptcy in 1997 to a $40 billion dollar profit company in 14 years. No company has ever delivered so much value to the consumer or shareholders in such as short time period.

However, the products are no longer grandiose or world-changing to use an Apple marketing word. They are useful iterations that makes things a little bit easier. But they are no longer world-changing. I foresee competition to increase and despite the eco-system there will be pressure on their business from the giants in the technology world. It its as inevitable as gravity.

The next world-changing product will be some new amazing drug from a biotech company, or mass production of an EV which will change our pollution problems, or more likely something even bigger and something we today believe is unthinkable.

I think Apple is slowly reverting to the average both as an innovator and for its shareholders. It is not a sell but it is definitely not an overweight any longer.
5y
John J Hardy John J Hardy
Apple is "the iPhone company" and the large format iPhone 6 is probably their last hurrah in terms of serious revenue growth - which dropped into single digits last 5 quarters running - probably at most 2 quarters after this iPhone6 introduction quarter we start to go negative on the top line.
5y
Peter Garnry Peter Garnry
It is a bold call for Apple's revenue to go negative within two quarters. I am not that negative, but let us see what happens.
5y
John J Hardy John J Hardy
Negative in year-on-year terms from whatever highs are posted over the next couple of quarters - not that bold of a call

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