One of two

Posted on 09/20/2011


….ain’t bad (or is it?)

Half of your market leading duo has taken it on the chin.

It seems like just yesterday that I was lamenting the seemingly inexorable climb of Netflix. In fact is was just two months ago, NFLX breached the $300/share mark, Germany was just fine backstopping all sorts of profligate peripheries, DSK was still in jail (i.e. house arrest at a $50k/month NYC apt.), the S&Ps were testing 1350 again (March highs) and earnings multiples/year end targets for the broad market were going up like Goldman Sachs’ bonus pool.

Well, a LOT has transpired since then, but one of the two high fliers (Apple being the other) split the hard way (stock price cut in half).

On the other hand, Apple keeps marching higher.

I know they occupy a very different area within the consumer/tech space…..but both companies are to some degree tethered to discretionary spending. Furthermore, AAPL has been inextricably connected to Steve Jobs, and well……Steve isn’t doing so well.

I hope to write a bit more later today on the Fed and eventually wrap up my commentary on the labor market.


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