There was a time when the geeks who keep a company’s tech systems running could get by without knowing the finer details of corporate strategy. Well, those days are over. This downturn could mean the end of the sequestered CIO.
I’m sitting here in the parking lot on the Apple (AAPL) campus in Cupertino outside Building 4 on Infinite Loop, waiting for this morning’s unveiling of updated Mac laptops. The event should get under way around 10 a.m. PDT.
While it was another down day for the Dow Jones Industrial Average, the Nasdaq Composite actually broke a string of seven down days and posted a modest gain: The index rose 4.39, or 0.3 percent, to 1,649.51. The index nonetheless finished the horrific week with a loss of nearly 298 points, or 15.3 percent. At one point today the index touched as low as 1542.45, stretching the loss for the week to just over 400 points, or nearly 21 percent. Astonishing.
Apple (AAPL) shares are down sharply Monday morning after analysts at RBC Capital and Morgan Stanley cut their ratings on the stock.
RBC Capital’s Mike Abramsky cut his rating on the stock to Sector Perform from Outperform; his price target on the shares is now $140, down from $200.
Such is the frenzy for information about potential new products from Apple (AAPL) that the blogosphere has begun to lose track of the rumors.
On Macrumors.com, a post this morning makes reference to a report purportedly put out today by Piper Jaffray analyst Michael Olson.
The laptop computers most people haul around are underutilized. They hardly break a sweat to read email, stream video, view photos, browse the Web, or run word-processing or spreadsheet programs. Their powerful processors are rarely tested except by heavy-duty gamers, scientific researchers, or other specialized users. So while some PCs continue to bulk up and tout their speed and raw power, others represent a new trend: slimming down. Way down. These smaller, simpler machines are aimed at a potentially lucrative market: the next 1 billion PC users around the planet.
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