With the new iPhone 5 as tailwinds, Apple shares led the stock market higher today. A reader comments: “It is during my short lifetime, but just barely, that there was a day when less than one million shares were traded on the NYSE in a single day. An hour and a half into trading today, 7 + million shares of AAPL had traded hands.”
This on a day that the Wall Street Journal carried a story, “Apple Makes a Wrong Turn,” detailing the company’s move to replace Google’s mapping software with its own and prompting a customer backlash. It is a rare blunder, to be sure, but Apple is still in the new post-Steve Jobs territory. The New Republic trenchantly holds out the possibility of decline. And its shares, at $704, are pricey. On the other hand, its P/E is an affordable 16.62.
What do you think?
Read on for the best links of the week and the econ haiku:
This Week’s Links:
- A rare look at why government won’t fight Wall Street || Matt Taibbi
- How American democracy became the property of a commercial oligarchy || Tomgram
- Boeing to outfit planes for in-flight cell phone use by 2013 || The Verge
- Dumped by Wal-Mart, Amazon should fear frenemies || Wired
- Quantitative easing isn’t magic || The Guardian
- What’s depressing the white working class today? Everything || The Atlantic
- Restoring the legitimacy of the Federal Reserve || Baseline Scenario
- Fiddling at the fire of the world economy || Nouriel Roubini/Project Syndicate
- Four histories of the 47-percent theory || Next New Deal
Today’s Econ Haiku:
Seattle v. Bentonville