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Apple Is 'Still a Cash Machine,' Strategist Max Wolff Says

Apple Is 'Still a Cash Machine,' Strategist Max Wolff Says

(AP Images/Philip Toscano)

By    |   Wednesday, 03 August 2016 08:44 AM

Strategist Max Wolff sees Apple Inc.’s stock price only headed higher since he views the tech giant as “a cash machine.”

"We think there's still some sweetness, and not much vinegar, in the cider here," the chief economist at Manhattan Venture Partners told CNBC.

Wolff said growth in services outweighs drawbacks like weak iPad and MacBook sales.

"We think this is still a cash machine, still a huge margin story," he said. "We see this as a winner going forward, as a safer place for your money," said Wolff, who is bearish on the overall market.

In late Tuesday trading, Apple shares were at $104.25, down $1.80, or 1.70%.

Apple sold more iPhones than Wall Street expected in the third quarter and estimated its revenue in the current period would top many analysts' targets, soothing fears that demand for the company's most important product had hit a wall, Reuters reported.

The world's most valuable publicly traded company said it sold 40.4 million iPhones in the third quarter, down 15 percent from the year-ago quarter but slightly more than the average analyst forecast of 40.02 million, according to research firm FactSet StreetAccount.

IPhone sales dropped for the second straight quarter, pushing down Apple's total revenue 14.6 percent in the fiscal third quarter, ended June 25.

(Newsmax wire services contributed to this report).

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Strategist Max Wolff sees Apple Inc.'s stock price only headed higher since he views the tech giant as "a cash machine."
apple, cash, machine, stock price
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2016-44-03
Wednesday, 03 August 2016 08:44 AM
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