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Best of the Blogs: Some Still See Value in Apple


Plus, hedgefunds look for stocks in a hated area of the global market.

This column highlights the most interesting and useful business and financial commentary from around the Web each day.

CNNMoney: The Buzz
Link: Apple Is Not Overvalued ... Yet

"Asking the following question may be considered blasphemous to the throngs of Mac geeks and iFaithful out there. But here goes: Are shares of Apple (AAPL) finally getting TOO expensive?

"Apple hit another all-time high Tuesday, coming close to $675 per share before pulling back a bit. The company is now worth approximately $620 billion. That's nearly two-and-a-half times the market value of Microsoft (MSFT) and almost three times what Google (GOOG) is worth. Those two companies are the only tech giants with a market capitalization even remotely close to Apple.

"So it's fair to wonder if Apple's stock, which is up 63% year-to-date, has risen too far too fast."

The Reformed Broker
Link: The Hottest Trade on Wall Street: European Stocks

"There's a new hot trade on The Street I continue to hear about more and more that involves one of the most hated areas of the global markets: Europe. Hedge funds and go-anywhere asset managers are increasingly circling the concept that the time is now to dig through the rubble for quality euro stocks.

"Before I go any further, please understand that I am not advocating that anyone go out and try to put this trade on, I'm merely relaying the fact that many institutional players are talking about it behind the scenes.

"[...] A great example would be something like Nestle, a global food company if ever there was one. Nestle (NSRGF) reported profits for the first half of the year up 8.9%, thanks to strength in the many emerging markets in which it sells ice cream, coffee etc. Europe is loaded with companies like this and many of them have been thrown out with the bathwater thanks to the problems of the continent's banks and sovereigns."

The New York Times
Link: A Quick End to TARP Means a Smaller Payoff for Taxpayers

"Quietly, the Treasury Department is engaged in another bailout of the banks. This time, it's America's small banks that are the lucky duckies.

"The federal government still holds investments in hundreds of small banks around the country in the Troubled Asset Relief Program, otherwise known as the bailout. In an effort to wind down TARP, the government is trying to sell off its holdings of preferred stock of the remaining smaller banks."

24/7 Wall Street
Link: China Loading Up with US Assets

"While M&A activity might be slower this year than it was last, there is one buyer that has picked up the pace. Actually, a number of buyers from one country: China. And their sights have been focused on the US.

"For the first eight months of 2012, China has spent $7.8 billion on US acquisitions, including a $2.6 billion purchase of AMC Entertainment from a group of private equity firms and a $2.4 billion investment in Devon Energy Corp. (DVN) by Sinopec, or China Petroleum & Chemical Corp. (SNP). And then there's the $15 billion offer for Canada-based Nexen Inc. (NXY) by Cnooc Ltd. (CEO)."

The Atlantic
Link: Bye-Bye, Boomers: This Is the Age of the Baby Bust-ers

"One way to think about the Great Recession is like a great pause button.

"In normal times, millions of people get married in their mid-to-late 20s. They spend lots of money on a wedding. They buy a car, often with a loan. They buy a house, always with a loan. They buy new furniture and appliances. With their time and money coupled, expenses that were once extraneous now feel reasonable. Maybe he was individually satisfied with sports bars and she with Netflix (NFLX), but as a couple, it makes more sense to watch live sports and TV shows on their new couch, and so they buy cable. They have a kid, or more than a few. You know how the story goes.

"[...] In the last few years, young people have even more reason to delay the costly trappings of adulthood. Pinned between rising student debt behind them and scant job opportunities before them, 34% moved back home for a period of time. With access to their parents' garage, they needed (and could afford) fewer cars of their own. Young people now account for a smaller share of total auto purchases than they did just a few years ago."

The Wall Street Journal: Deal Journal
Link: It's and Looking to Grab

"It may sound like an ancient proverb, but it's a legitimate M&A question now that Barry Diller's IAC/InterActive Corp. (IACI), owner of, has also approached the New York Times (NYT) over a deal for

"The Wall Street Joural had reported two weeks ago that was close to a $270 million deal for

"It's not the first time these two have circled the same website names."

Twitter: @ChrisWitrak
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