August 2010
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Day August 30, 2010

Apple trading at a discount to the S&P 500

Flush with $45 billion in cash and investments ($50 per share) and no debt, Apple sports an enterprise value of about $190 per share. Compare that to $15 of earnings this year and enough catalysts to make next year’s estimate of $18 seem easily attainable, and you have a stock that actually trades at a discount to the S&P 500.

via Why Apple’s Stock Actually Looks Cheap — Seeking Alpha.

This is not news around here

Seven confirmed Windows Phone 7 phones

Seven confirmed Windows Phone devices getting readied for launch. Four more being rumored:

Devices – Windows Phone 7 Central.

To be built by HTC, Samsung and LG with Dell and Asus rumored.

Vendor love for Android runs as deep as Operator love of Android.

Breaking Android: How Google's lack of control affects their value chain

A few years ago I read a book called “Breaking Windows” which was the story of the DOJ investigation into Microsoft’s abuse of monopoly. The book was written by a journalist who tried to summarize some of the findings from the published internal emails.

One of the takeaways was the logic of Microsoft’s entry into the Office market. The main internal justification was not that it would be a hugely lucrative new business, but that it was a necessity to the maintenance of the Windows business.

The story was that Lotus, having a huge installed base, could (and did) arbitrarily refuse to upgrade their software to the latest Windows version and in so doing, could kill the franchise. Lotus owned the “killer app” and

HTC: How Taiwan Compares

Taiwanese operators Chunghwa Telecom and Taiwan Mobile have reported much interest in iPhone 4 pre-orders. Both operators announced at 9pm on 26 August they would open pre-ordering at 10am on 27 August and both operators saw their websites crash, the China Post reports. By noon, some 10,000 users had signed up with Chunghwa Telecom and by 11am Taiwan Mobile had sold out all of its 3,000 iPhone 4 handsets available for pre-ordering. Rival Far EasTone said between 30,000 and 40,000 people signed up for a phone on its website and the operator will notify people that will be able to get the handset.

Taiwan Mobile sells out of iPhone 4 pre-orders – Telecompaper.

The next 100 million iOS devices part II

Brian Marshall, an analyst with investment firm Gleacher & Co., predicts that Apple will have sold 200 million iOS devices by this time next year. He expects the iPhone and iPad to represent 68 percent of gross margins for 2010.

via Apple’s mobile OS could move to more devices.

My expectations for the next 100 million were made in June:

My expectation is that well over 100 million iOS devices will sell during 2011, but even during the next 12 months (2H ’10 and 1H ’11) the total may well reach 100 million, making 200 million installed by June 2011 very likely.

The next 100 million iOS devices

My current expectation is that iPhone and iPad will account for 70 million additional iOS units for the twelve months following this June quarter. This excludes any Apple TV units moving to iOS.

As iOS moves to more of the iPod line-up it’s quite possible that another 30 million iPads with iOS will ship in the same time frame making Marshall’s forecast sound reasonable.