updated 11:30 am EDT, Fri August 11, 2006
Apple SEC filing explained
Apple's announcement that its July earnings were significantly different from the year-ago quarter will not likely result in changes to revenues just reported, according to UBS analyst Ben Reitzes. "We just spoke to Apple about this confusing statement, which was an answer to a year-over-year comparison question required by the SEC - this comment refers to 3Q06 versus 3Q05," Reitzes said. "However, we believe there will be a 'tug-of-war' for shares near-term as investors balance solid fundamentals for upcoming products with concerns over options backdating, restatements and the potential impact on Steve Jobs." The filing reference to the July quarter (FY3Q) is required by the SEC because of significant changes in revenue and earnings from the year-ago quarter.
The analyst believes that new products are still the key moving into 2007 which will include a new iPod nano in September, a revamped video iPod in October or November, and the rumored "iPhone" some time in 2007.
UBS maintained a price target of $80 with a "buy" rating on Apple shares.