For as long as I can remember, any Apple keynote address at its Worldwide Developer’s Conference resulted in the share price dropping – sometimes being pummelled. There’s a long pattern of pundits, analysts, and traders creating expectations leading up to the conference that are near impossible for Apple to meet. After the announcement, like clockwork, Apple’s share price falls and the tech media declare that Apple is doomed —again. Then reality sets in: People buy Apple’s wares by the tens of millions and sanity is restored on Wall St. two quarters later.
This time, Apple has taken control of the narrative: In the space of just over a week, Apple will have acquired Beats Electronics for $3 billion, viewed favourably on Wall St. and in the media; days later there’s the Worldwide Developer’s Conference keynote with Apple making no secret about new and exciting products; days after WWDC, Apple does a 7 for 1 stock split.
Apple always seemed at odds with Wall St. and I still think the vast majority of analysts don’t understand Apple at all. If there’s anything I take from this week’s tech news cycle, it’s that Apple has done a good job of insulating themselves from the nonsense on Wall St.
Apple doesn’t have to care about Wall St. and I’m not sure it does for the most part. But unlike other years, they seem to be taking steps to beat the Street at its own game.
The WWDC Keynote is being live-streamed via Apple.com Monday at 2pm. The 7 for 1 split takes place on June 6th.