"So 14 of the last 15 years the stock has outperformed the market [between June and September] by an average of 14 percentage points."
From "Bernstein's Toni Sacconaghi gives the bull and bear case for Apple" which aired Thursday on CNBC:
My take: In summary, Sacconaghi likes Apple in the short term, prefers IBM for the long.
Toni’s misread comes from seeing things financially. That is OK, but limited. In his limited view, Apple’s 15% growth in developers in China (earlier post by PED) means nothing. In my view, Apple’s relentless share growth in every category and every geography counts for more than recurring revenue from customers that are pretty much locked in, as for example, with IBM. That may explain why IBM, while attractive, does not excite investors.
That Apple, the company, can drag this out into December in the US shows that Apple can extend the “expiration date”.