updated 09:40 pm EDT, Tue September 9, 2008
Piper report Let's Rock
Piper Jaffray followed up the Let's Rock event today, suggesting it had a negative impact on short term investor expectations, but long term outlook is still promising. Many investors have been waiting for Steve Jobs health to improve, but he didn't show any improvement from his appearance at WWDC. Although the updated iPods were welcomed, there is still anticipation for the next Mac portables.
Apple shares were down 6 percent last week as analysts presented a more conservative outlook for the event. This has not been uncommon for Apple stock, historically dropping a few percent before September events. Piper noted that the long term outlook is still solid, citing an average 41 percent gain in share value from the day before September events through the holidays (4 months).
Apple is still expected to unveil updated Macbooks and Macbook Pros, presumably in the fall. The lower pricing and redesign of iPods will help Apple hold its dominant position in the media player market, an important step to make before holiday shopping.