The shares of Apple (AAPL) -- the technology giant that is held in Jim Cramer's Action Alerts PLUS charity portfolio -- have been battered and bruised beyond measure in the last few months, and are now actually negative on the year.
In addition, technicians say that for Apple shares, the $105/share level is a magnet and that's where they see the share price heading. Now, I am not a technician, but I respect those who are. I have a good friend who is also an expert beyond compare in technical analysis, and he also sees that level being reached.
Be that as it may, Apple CEO Tim Cook, speaking overnight at a Box Inc. (BOX) conference, said that the company's enterprise push, with well-publicized partnerships with Cisco (CSCO) and IBM (IBM), is already paying off nicely. He added that revenues from its enterprise business unit reached $25 billion for the 12 months ended June 30, 2015, and hinted that this is just the beginning of the growth. "It's a very small amount compared to what the opportunity is," Cook added.
In other Apple-related news, Google (GOOGL) has released its own newest versions of phones, TV set top box and tablet called Nexus 5X and 6P, Chrome TV and Pixel C table, to compete better with Apple's just-released products in those three categories. Google, of course, has priced its products cheaper than Apple has, in order to entice consumers. I guess the proverb that imitation is the sincerest form of flattery rings true for Apple yet again.
Finally, the company announced that starting today, Apple Music, iTunes, and iBooks will be available to Chinese mainland consumers. This is bigger news than most will realize, given the fact that China is the biggest market globally for Apple's app store. I expect the same dominance for these three new categories within the next few quarters in China as well.
With all due respect to my technical analysis buddies, as well as other technical analysis experts out there, I say ignore Apple at your own peril going forward. I believe the stock is definitely a buy here, no matter what the charts are saying.