Apple Inc (AAPL)

[fmikehugo]

APPL prospects depend on execution.

On the surface there are more positive things happening at once than I can ever remember.

The product line is extraordinarily robust - PBs, G5 desktops, G5 supercomputer(s), Panther, iTunes/iPod.

The economy will be good through 2004. Bush, Greenspan, and the Republican congress will do whatever can be done to give Bush and the Republicans the best possible chance in the 2004 elections.

But in the product line there are also real quality problems with the 15 inch PB and with Panther and Firewire. IMO these have already impacted 4Q sales and earnings; I just don't know to what extent Fred has included these factors in his projections.

My prediction for the runup to earnings is 24-25 if they continue to stumble and 29-30 if they are effective and decisive in dealing with quality problems. Holding 3.5K @ 22.80. Will accumulate another 1K on dips to or below 22.70.