Steve Cortes Just Said Apple Is Not Being Innovative

May 26, 2011
J. Webster
Comments Off on Steve Cortes Just Said Apple Is Not Being Innovative

Steve Cortes, of CNBC’s Fast Money fame, has made quite a statement today, saying Apple is not being innovative. That’s like saying the sun isn’t being very sunny. It’s almost like he’s saying this to get some attention. How can you say the creator of the iPod, iTunes, iPhone, iPad, Apple TV and soon to be music in the could, this company is not being innovative? Was he making a joke?

Here’s what he said on CNBC’s Fast Money halftime show, the context being Google’s announcement of Google wallet and Google Offers. The first allowing consumers to pay with their phone, and then the second enabling stores to offer coupons and suggestions when you are near or in a physical store. Sure, two cool new features, but two things that I wouldn’t call innovative either.

“I’m thinking of buying Google and shorting Apple (AAPL).” Cortes feels Google is making smart strategic moves by focusing on applications that he calls ‘incredibly innovative’.

By contrast Cortes says, “Apple is not being terribly innovative and far too focused on hardware.”

He’s now thinking of shorting Apple’s stock. While there might be a short term correction in Apple’s stock, you’re talking about one of the most innovative companies in the world with over 50 billion dollars in cash on their books.

If anything, Apple might be conservative or perhaps patient or maybe just very wise and smart. They’re not like Microsoft, who rather than focusing on their core products, tries to buy into every new fad or trend when it’s too late. Apple on their other hand, focuses on their ‘hardware’, meaning what they do best. They’re not only innovative, but savvy. Watch how they gain more market share and more business or enterprise clients. Good luck Steve Cortes with shorting Apple’s stock.

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