Friday, May 23, 2008

Apple and Intuitive Rumors

On Wednesday, there was a vague rumor that Steve Jobs was going to resign. And then yesterday there was a rumor that the new iPhone wasn't coming out. Yeh right!

The only thing that isn't new is the rumor mill.

But the bulls are fighting back.

AAPL hit a low of 172 and change before rebounding, and today Merrill Lynch upped it's target price on AAPL to 215 from 186.

Intuitive Surgical (ISRG 274.75) was rumored to have lowered guidance at a conference call yesterday and was down 13 points.

But after the close, ISRG was chosen to be added to the S&P 500.

Even Lehman's "fashion" CFO, Erin Callan is getting dusted up by shortseller David Einhorn.

She's a good target. Especially if you are selling a book. But Lehman still has the dirtiest laundry on it's Fed blessed balance sheet.

Which just means the price of gas at the pump has emboldened the bears to start talking their books and to start taking a look at the banker's books again.

The bears get Memorial day, the bulls get the Fourth of July.

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