Market Wrap - Stock Pick - Apple Inc

Steven Schultz from Momentum chose Apple Inc as his stock pick of the day.

"My stock pick is Apple as there's been a lot of news from Apple we saw last week. A lot of hardware announcements but perhaps more interesting on Monday we saw them announcing that they will be going head-to-head with video streaming services - the likes of Netflix. Primarily we saw them react quite negatively on the day and Apple's share price was down about 2% when Netflix was rallying quite hard.

I think in that it shows little bit of an admission that they are late to market whereas Netflix has already managed to accumulate a hundred and thirty-eight million paid subscribers. We don't have a lot of detail on Apple's plans other than knowing that it will not be an advertising based income stream but rather a subscription service. I think if anyone is able to master late entrance into a market it is of course Apple with its loyal client base. The stock is down about 15% over a six-month period, it trades at a very undemanding 15 PE (Price Earnings) at the moment and I think should certainly be added to one's portfolio"
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