Investment Bulletin

Q1 2017 Apple Earnings: All-Time-High Revenues and EPS, Growth is Back Again
February 1, 2017

Apple Inc. (NASDAQ: AAPL) reported better-than-expected earnings for the October-December quarter after the market closed on Tuesday. The company earned $3.36 per diluted share or $0.15 above the consensus estimates. Revenues during the quarter hit the record-high of $78.4 billion or up 3 percent from the same quarter a year ago. Net income, on the other hand, was slightly down at $17.9 billion, compared to $18.4 billion the same quarter the previous year, while the gross margin, the profitability measurement for the technology company like Apple, was 38.5% or down from 40.1 percent in the first quarter a year earlier. International sales during the quarter hit 64 percent. Highlights of the quarter were clearly the record revenues as well as the record earnings, which led the tech giant to a growth mode once again. <Continue to read - click here>

2016 Portfolio Summary: Winning Streak Finally Ended, Still Solid 7.20% Return
January 3, 2017

For the 2016 stock market year ended, the blue-chip Dow advanced 13.41 percent or 2,337.57 points to 19,762.60, market benchmark S&P 500 gained 9.54 percent or 194.89 points to 2,238.83, and tech-heavy NASDAQ composite rose 7.50 percent or 375.71 points to 5,383.12. In the meantime, EconomicsUniverse model portfolio made another solid return of 7.20 percent, followed by an excellent 19.8 percent return in the 2015 market year. However, the 2016 EconomicsUniverse portfolio was underperformed the benchmark by 2.33 percent, making the portfolio’s winning streak of seven years since 2009 finally ended. Despite the first underperformance over past seven years, portfolio’s long term strategy remains solid as it outperformed, for instance, 13 percent in 2014 and 31 percent in 2013 (Please read: 2014 Portfolio Summary, 2013 Portfolio Summary). <Continue to read - click here>

Q4 2016 Apple Earnings: No Surprise, 2016 Earnings Behind, Is Growth Back Again?
October 27, 2016

Apple Inc. (NASDAQ: AAPL) reported better-than-expected earnings for the July-October quarter after the market closed on Tuesday. The company earned $1.67 per diluted share or $0.01 above the consensus estimate. Revenues during the quarter came in $46.9 billion, compared with $51.5 billion the same quarter a year earlier. Once again, the company expressed the strength of Services category, including App and Apple Pay, which grew 24 percent from the same period in the previous year. Net income plunged to $9.01 billion from $11.1 billion from the same quarter a year ago while the company’s profitability measurement, gross margin, also decreased to 38 percent from 39.9 percent in the forth quarter in 2015 when iPhone 6S went on sale. International sales during the quarter hit 62 percent while Chinese demand continued to fall 30 percent after the 33 percent slump in the previous quarter. <Continue to read - click here>

Q3 2016 Apple Earnings: Disappointing Earnings are Behind, Now Growth Ahead
July 29, 2016

Apple (NASDAQ: AAPL) reported better-than-expected earnings for the April-June quarter after the market closed on Tuesday. The company earned $1.42 per share or $0.04 above consensus estimate. Revenues during the quarter came in lower at $42.4 billion, compared with $49.6 billion same quarter a year earlier, while the company expressed sales from Services, including App and Apple Pay, grew 19 percent. Net income plunged 27 percent to $7.8 billion from $10.7 billion in the year-ago quarter, which had indicated that the company spent massive cash balance on R&D as well as capital return program during the quarter. In the meantime, gross margin, tech company’s profitability measurement, fell to 38 percent from 39 percent from the same quarter in the previous year thanks probably to higher-than-expected demand on newly introduced cheaper iPhone SE. International sales during the third quarter hit 63 percent while Chinese demand fell 33 percent. Overall, the third quarter when pent-up demand for new iPhone is generating strongly is well done for the company and investors are pleased with the result, sending shares up 6.5 percent next-day trading session. <Continue to read - click here>

Q2 2016 Apple Earnings: Disappointing Quarter Finally Comes, China Sales Down 26%
April 30, 2016

Apple (NASDAQ: AAPL) reported its second quarter earnings for the fiscal 2016 after the market closed on Tuesday and missed consensus estimates on most numbers. During the January-March quarter, the most valuable company earned $1.90 per diluted share or $0.10 below the estimates due to “the face of strong macroeconomic headwinds,” CEO Tim Cook described. Net income during the quarter plunged 22.7 percent from the same quarter a year earlier to $10.5 billion while revenues also declined to $50.6 billion from $58 billion. iPhone sales, which accounted for 65 percent during the quarter, was hit hard while its shipments were sharply down to 51 million units, nearly 20 percent lower from the year earlier. Plus, Mac’s as well as iPad’s sales and shipments also followed the same course. Despite those negative numbers, there were some bright spots seen from the growth of the Services and the Other Products categories, which included Apple Watch. In the meantime, gross margin, technology companies’ profitability measurement, was down 150 basis points lower to 39.4 percent from the same quarter a previous year. <Continue to read - click here>

Q1 2016 Apple Earnings: Just 1 Percent Growth in iPhone Sales, Time to Buy the Stock?

Apple (NASDAQ: AAPL) reported better-than-expected first-quarter earnings after the market closed on Tuesday, despite a difficult economic environment across the globe. For the October-December quarter, the company earned $3.28 per diluted share or $0.05 above the consensus estimates. Net income during the quarter slightly grew 2 percent from the same quarter a year ago to $18.4 billion while quarterly revenue also climbed 1.7 percent to $75.9 billion. In the meantime, units sold and revenue from iPhone continued to post the record-high in the first quarter history at 74.8 million and $51.6 billion, respectively. However, the growth rates of those numbers from the same quarter a year earlier were only 0.4 percent and 0.9 percent, respectively. On the other hand, sales of the other products category, including Apple Watch, surged 62 percent from the same quarter a year earlier when there was no Apple Watch on the shelves. Sales in China during the quarter, closely monitored by many analysts, were up 14 percent while its sales accounted for 24 percent of Apple’s total revenue. Technology companies’ profitability measurement, gross margin, was handsome 40.1 percent during the quarter. Overall, Apple’s first quarter results are mixed after the company had continuously posted storing earnings over past years. <Continue to read - click here>

2015 Portfolio Summary: Once Again Outperforming the Benchmark by 20%
January 5, 2016

The Economics Universe made an excellent 19.8 percent return in its well-diversified portfolio during the 2015 stock market year, followed by 13.15 percent return in 2014 and 31.27 percent return in 2013. That 20 percent return is very well done, especially when our benchmark, the S&P 500, performed nearly a flat return. For the 2015 stock year ended, the S&P 500 fell three-quarters of a percentage point or 16 points to 2,042.94 and the Dow Jones Industrial Average declined 398 points or 2.28 percent to 17,425.03 while, on the other hand, the tech dominated NASDAQ nicely advanced 271.36 points or 5.73 percent to 5,007.41. With that in mind, the Economics Universe portfolio once again outperformed the market, by 20 percent in 2015, which made the seven consecutive years of outperformance over the S&P 500 since 2009 followed by an inline performance during the global financial crisis year of 2008 when the benchmark fell 38 percent. Let’s break down how individual stocks in the portfolio performed throughout the year to beat the market. <Continue to read - click here>

Q4 2015 Apple Earnings: A Best Forth Quarter Leads to the Best Year in History
October 29, 2015

Apple (NASDAQ: AAPL) reported a better-than-expected forth-quarter earnings after the market closed on Tuesday, leading its fiscal 2015 earnings to the record history of $9.28 per share or $9.22 per diluted share. For the forth quarter ended on September 26, a day after the new iPhone 6S and 6S Plus released, the company earned $1.96 per diluted share or $0.10 above the consensus estimates. Net income during the July-September quarter surged 30 percent from the same quarter earlier to $11.1 billion while quarterly revenue also climbed 22 percent to $51.5 billion. In the meantime, units sold and revenue from iPhone were also posted the record-high in the forth quarter history at 48 million and $32.2 billion, respectively. Sales of the other products category, including Apple Watch, surged 61 percent from the same quarter a year earlier. Again, sales in China during the quarter, closely monitored by many analysts, were up 99 percent while its sales accounted for 24 percent of total Apple’s revenue. Technology companies’ profitability measurement, gross margin, was 39.9 percent during the quarter. Overall, Apple’s forth quarter is, again, very solid and the shares should gain momentum into the first quarter. <Continue to read - click here>

Q3 2015 Apple Earnings:
The Best Third Quarter in History Thanks Again to China’s Massive Demand
July 23, 2015

Apple (NASDAQ: AAPL) on Tuesday after the market closed reported its third quarter earnings of $1.85 a share, beating the consensus estimates of $1.81. Revenue hit $ 49.6 billion, the best third quarter earnings in the history, or up 33 percent from the same quarter a year earlier while quarterly profit was also intact with $10.7 billion this quarter, making Apple’s cash and its equivalent position to the record $202.8 billion. During the months from April to June, the company sold 47.5 million iPhone units or up 35 percent from the same period a year earlier while the number of new Apple’s product lineup, Apple Watch, which started to hit the shelves in April, was not disclosed during the presentation. In the meantime, gross margin, a measurement of technology companies’ health, was 39.7 percent during the quarter and international sales accounted for 64 percent. Overall, Apple’s third quarter was solid. However, shares of Apple sold off more than 4 percent in the next day trading session as investors were once again concerned with future growth. <Continue to read - click here>

Vanguard Total Bond Market ETF (BND): Benefits of Investing in a Bond Basket
June 1, 2015

One of the finest ETFs to have in your portfolio after SPDR S&P 500’s SPY is probably Vanguard’s Total Bond Market, BND. As its name shows, this ETF offers exposure to U.S. investment grade bonds, such as corporate and government bonds. The beauty of owning BND truly comes from its ability to pay out dividends monthly. Yes, this is one of the few ETFs that pay out dividends monthly and this turns into your monthly income after taxes. Along with its monthly dividends, BND currently yields handsome 3.51 percent, well above SPY’s current 1.93 percent. In very general, bond is up when stock is down, vice versa. While most U.S. equity indices have been experiencing bull market over past years, BND can be a perfect fit into your portfolio when thinking of future potential downside on stock markets. <Continue to read - click here>

Apple and Starbucks in Chengdu, China: Fast Growing Largest Inland Economy
May 8, 2015

Chengdu, the capital of populous Sichuan province and home of the former Chinese Communist leader, Deng Xiaoping, as well as, of course, Pandas, is located about 1,000 miles west of Shanghai or a two hour high speed train ride from neighboring Chongqing. It is one of the largest cities in inland China in terms of population, but it is also one of the economically important cities in China. In the earlier last summer, United Airlines became the first U.S. carrier to fly a nonstop to Chengdu from San Francisco to meet travel demands between this inner city and the United States. Thanks to Untied, Chengdu has been more approachable than ever and this may be one of the confirmations that Apple and Starbucks have been enjoying their presence in this global city in inland. <Continue to read - click here>

Apple Q2 2015 Roundup: Another Solid Quarter Thanks to Growing Chinese Demand
April 29, 2015

Apple Inc. (NASDAQ: AAPL) reported its second quarter earnings after the market closed on April 27. The company earned $2.33 per share, compared to the consensus estimate of $2.16. Net income topped $13.6 billion, making Apple’s cash position on its balance sheet worth $194 billion, while revenues were solid at $58 billion thanks to exceptional popularity of iPhone 6 and 6 Plus in China as well as Asia Pacific excluding Japan. Shipments of iPhone were 61 million units, up 40 percent from the same period a year earlier. Gross margin, tech companies’ profitability measurement, was 40.8 percent, the highest level since the 2012 third quarter. International sales reached 69 percent, the highest level in history. Overall, Apple delivered another solid quarter while the company declared more capital returns to investors, including an 11 percent rise in divided payout. <Continue to read - click here>

Is China Going to be the Biggest Market for Apple Watch?
April 22, 2015

During the initial day of Apple Watch previews at one of four Apple Stores available in Shanghai, China, the crowds from local residents to tourists continuously formed in a circle around the Apple Watch showcases moments by moments. While it is the long-awaited new cutting-edge product from Apple (NASDAQ: AAPL) for many of its funs across the globe, China is soon likely to be on the center stage for the $700 billion cap company. Apple’s sales in China, including Hong Kong and Taiwan, already accounted more than 20 percent of the total globally, compared to 23 percent from Europe and 41 percent from Americas. It is very likely that China’s overall sales will overtake Europe’s within next quarters as soon as the Apple Watch debut within coming days. <Continue to read - click here>

Apple and Starbucks in Chongqing, China: Price-Sensitive Inland Consumers
April 16, 2015

Chongqing, one of four central government-controlled municipalities in China, is located about 900 miles west of Shanghai and it is the mid-point of the 6,300 kilometer-long Yangtze River, which flows eastward all the way to the another municipality, Shanghai. The city is very populous with nearly 30 million people and its per capita GDP hits above 42,000RMB while Shanghai, for instance, has the population of 24 million and its GDP per capita more than twice higher at 90,000RMB. Despite Chongqing’s mid-income-leveled per capita GDP, which is inline with a nation-wide average, there are three Apple Stores and 12 Starbucks stores available to reach 30 million residents in the city as well as outsiders. <Continue to read - click here>

Apple Store in Hangzhou, China: Popularity of Apple Products in China
March 31, 2015

During the “Spring Forward” presentation at the Yerba Buena Convention Center on March 9, Tim Cook, Apple’s CEO, started off with introducing a newly-opened Apple Store in Hangzhou, China, while showing the great popularity of Apple’s products in the second largest economy across the globe. Hangzhou, the capital of Zhejiang province, is located about 100 miles southwest to Shanghai and the city is well known among domestic as well as international tourists for the historic West Lake. Only a few blocks off from the West Lake, the modern-looking Apple store stands elegantly, attracting thousands of customers each day. Apple’s success in China is real thanks to its modern brands that always impress growing upper middle-income Chinese consumers. Going forward, China’s consumption of Apple products will soon overtake wealthier Europeans’ and such demand will definitely help to push Apple to the first-ever a $1 trillion market-cap company. <Continue to read - click here>

Starbucks in Changsha, China: Growing Upper Middle-Income Consumers
March 20, 2015

Starbucks (NASDAQ: SBUX), the largest coffee chain in the world, now focuses its business expansion on China’s inland while the number of stores hit 1,497 across the country. Cities in China’s inland are far different from the global cities, like Shanghai and Beijing, in terms of, for instance, the people’s tastes and income levels. Chinese people love drinking tea and you merely see they are sipping coffee, especially if you are on a long-distance train to or from an inner city. The income levels between the coastal cities and inner cities are far diverse as well. While you tend to see the enormous popularity of iPhones in Shanghai, you do see less iPhone users in inland. Despite the differences, Starbucks willingly joins inland cities and continues to attract the growing upper middle-income Chinese consumers. <Continue to read - click here>

Chinese ADRs: Is It Good to Buy Alibaba’s Shares?
February 15, 2015

While Chinese economy started to show its further slowdown last year, the Chinese-version of Amazon.com, namely Alibaba (NASDAQ ADR: BABA), debuted as the world’s biggest IPO ever in the history. Its value of the deal hit $25 billion while the IPO price was set $68 per share for the inaugural trading day of September 19th, 2014. By the time after the trading floor closed that day, the shares of Alibaba rose more than 38 percent to $94. Since its IPO debut, Alibaba’s shares are now trading at $89 per share (as of Feb. 15, 2015) and its shares have been forming a downward trend after hitting $120 even on November 10 last year. <Continue to read - click here>

2014 Economics Universe Portfolio Performance
January 5, 2015

For the year ended on December 31, the Dow Jones Industrial Average climbed 1,382.07 points or 8.4 percent to 17,823.07, the near all time high territory in 2014, while the benchmark, the S&P 500, rose 226.92 points or 12.39 percent to 2,058.90 and the NASDAQ soared 592.98 points or 14.3 percent to 4,736.05 during the same period. A 12 percent rise of the market benchmark is considered to be a solid performance, especially amid the slowing global economy. There were a couple of events that have been concerned in the market year of 2014, such as the China’s slowing economy and the Russian Ruble crisis, which just have been in a center stage of an economic news in a past month. Despite a fat 30 percent gain in 2013, last year’s stock market performance was also well done. It will rather be more difficult to make a better performance over the benchmark into this 2015 market year because of slowing system-wide economy. <Continue to read - click here>

The Great Gatsby and the Stock Market in the 1920s
September 20, 2014

It is a good time to read back one of the affluent American literatures, The Great Gatsby written by F. Scott Fitzgerald, especially after the reproduced movie unveiled in a theater in 2013. The story illustrates the summer of 1922 when a bond salesman, Nick Carraway, who lived just right next to a mysterious millionaire, Jay Gatsby, narrated throughout the story along with his puzzling life.

1922 was the year that the Wall Street prosperity began when a massive rally in the stock and bond markets experienced and lasted until 1929. The novel or the movie nicely represented the glorious years of the Wall Street. The 1929 stock market crash, which was not presented in the movie, is the notable Wall Street history. <Continue to read - click here>

How to Beat the Market?
September 5, 2014

Performing ahead of the market benchmark, in this case the S&P 500, is not easy to achieve, especially if you continue to do so every year. Many fund managers every year are tying to beat the market but many of them fail to outperform. That is one of the reasons that many individual investors own the basket itself, such as SPY, which contains all the S&P 500 stocks and keeps up with the benchmark.

What if investors can outperform the benchmark? It is an opportunity that you can make more money than the market, which is the best outcome for them. Though the market itself can make negative returns, such as in 2008, your passion to outperform the market will be greatly rewarded. <Continue to read - click here>

Learn Today's China

> China Bulletin

Apple and Starbucks in Chengdu, China:
Fast Growing Largest Inland Economy

Starbucks in Changsha, China: Growing Upper Middle-Income Consumers

Chinese ADRs: Is It Good to Buy Alibaba Shares?

The Evidence of the Middle-Income Trap

Economics Universe
Portfolio Performance

2015 Economics Universe
Portfolio Performance
19.80%
v.s.
-0.73% S&P 500

2014 Economics Universe
Portfolio Performance
13.15%
v.s.
11.39% S&P 500

2013 Economics Universe
Portfolio Performance
31.27%
v.s.
29.60% S&P 500
-> How to Beat the Market?

Diversification: Systematic Risk and Unsystematic Risk
June 23, 2014

Diversification is probably the first step that you want to start off constructing your portfolio. You hear such sentence, “diversification is free lunch” when watching CNBC. Yes, you don't have to pay anything for that diversification (but maybe there are some additional commission fees because you have to make multiple transactions to compose that diversified portfolio).

If you own one single stock, such as Amazon.com (NASDAQ: AMZN), from the start of this year, your only Amazon imbedded portfolio with initial $10,000 value (Assume 25 AMZN shares x the stock price of $397.97 on Jan. 1, 2014) now becomes $8,100 or down nearly 20 percent ($324.20 per AMZN share as of Jun. 21, 2014). That is already a lot of loss in the portfolio. You need 24 percent again to get back to breakeven or an additional 5 percentage gain to restart your portfolio. <Continue to read - click here>

Apple's Dividend Growth and Power of Compounding
May 2, 2014

I have been a shareholder of Apple Computer (NASDAQ: AAPL) for many years while I started to collect dividends from Apple since August 2012. Apple is a typical tech company, which offers a decent growth from its business operation, and it is a favorite stock to watch and own among many fund managers across the globe. Fast growing tech companies rarely offer dividends to investors as they tend to focus on reinvesting the earnings into their research and developments. An iPhone marker, Apple, was used to be the company, which did not payout any dividends to investors.

In August 2012, Apple started to payout the dividends to investors for the first time (not actually the first time though) while investors claimed for the company’s huge cash position on its balance sheet. At that time when I heard the news, I could not believe that such a fast growing tech company paid out the dividends. On the other hand, I was excited to collect the dividends while I no longer needed to depend on Apple’s volatile stock price anymore. In fact, I have been very excited to receive the dividends from Apple every quarter, especially after shares of Apple was under pressure after the shares hit all time high at $700. <Continue to read - click here>

PE Multiple Analysis - How to Determine the Future Price of a Stock?
February 12, 2014

There are many ways to analyze what stocks to buy and sell. One of the easiest ways to analyze is probably a PE multiple analysis. The PE multiple analysis allows you to predict a future price of a stock as well as its current valuation. A stock price is simply composed of its earnings and the multiples. By equation:

P = E x M

P: Stock price
E: Earnings or EPS
M: Multiple or PE

When you look up Yahoo! Finance or Bloomberg, you will always see these numbers while you hit your favorite ticker code. You may not see “E” unless you go to owner’s equity in a company’s financial statement. <Continue to read - click here>

Apple 2014 1Q Earnings
Jan. 30, 2014

Shares of Apple Computer (NASDAQ: AAPL) tumbled 8% or $44.00 after its earnings release on Jan. 27. Some statistics data did not match consensus estimates and investors pushed the sell bottom while in the panic mode. iPhone sales were weak last quarter, but a record sale of 51 million v.s. analysts’ estimates of 54.7 million, although its initial sales of new iPhone were set in the world’s largest mobile market, China.

Otherwise, the number was in fact not too disappointing. The company earned $14.5 per share, beating the consensus estimate of $14.07 ($14.01 a few days before the earnings day). Gross margin was disappointing at 37.9 percent, compared to 38.6 percent a year ago earlier. <Continue to read - click here>

Performing ahead of the Benchmark
Jul. 30, 2013

Every year I manage my well-diversified portfolio to outperform the market. The "market" is the S&P 500, which is my benchmark that I want to beat annually. I have been doing this for past ten years while I have outperformed the markets except 2003, 2004, and 2007. In 2008, my portfolio was down nearly 40 percent but in line with the market. Outperforming the market requires greater patience and a lot of homework. <Continue to read - click here>

Apple Computer (NASDAQ: AAPL) - Loosing Monopoly Power
Mar. 2, 2013

Shares of Apple Computer (NASDAQ) have nosedived in the past several months thanks to more competitive environment that the company faces. Samsung is once, and still now, Apple’s rival but now Google and Microsoft are sending out their Apple-like products, notably Chromebook and Windows tablet. Plus, a little rise in Blackberry, which is releasing the Blackberry10 into the market in coming quarters, is making more competitive markets in smartphone products.

Apple was the most valued-company just a few months ago but lost that title soon later. The performance of Apple stock was just amazing when it reached $700 last September but looking back past five or ten years, its performance is still amazing. How come did Apple quickly lose its stock performance in the past months? <Continue to read - click here>

Apple Computer (NASDAQ: AAPL)
Jan. 25, 2013

While Starbucks is intact, shares of Apple Computer continue to tumble today. Its PE multiple is also down, making one of the cheapest stocks to own among tech companies. Investors can not simply ignore this stock as it is still making massive revenues and its balance sheet is rock solid.

There are several catalysts that the stock starts to rally. First, the stock is too cheap. Apple continues to sell iPhones as well as Mac products across the globe, especially in Asia where middle income consumers are growing. <Continue to read - click here>

Starbucks Coffee (NASDAQ: SBUX)
Jan. 25, 2013

Starbucks (NASDAQ: SBUX) reported earnings yesterday. The first quarter earnings were inline with consensus estimates. Shares of Starbucks rallied today as investors focus more on its future business rather than its earnings through today. This is a typical example that investors are betting on the future, not the past. The company expects to expand more stores especially in Asia where more revenues are coming from. Not only in Asia, the US market is performing well. Plus, Starbucks business into the future is clear. Howard Shultz, CEO of Starbucks, wants to continue to expand stores around the globe and its grocery goods, such as ice cream, cereals, and coffee in non-Starbucks stores. That being said, investors are clear what Starbucks is doing for the future and that makes investors pay more premiums to the stock. Unlike Apple Computer, this stock is probably heading into much higher price in the near term.
Akira Kondo is long SBUX.

Intuitive Surgical (NASDAQ: ISRG)
Sep. 16, 2012

Shares of Intuitive Surgical (NASDAQ: ISRG) have been struggling lately due to global economic concern; otherwise, there is no company-specific news that affects the downward pressure on this stock at this moment.

I have owned this stock since September 2011, as I liked the combination of medical exposure as well as its technology-intensive products. Since the global financial crisis in 2008, the shares of ISRG have advanced 400% or from $100/share in the early 2009 to around $500/share this summer in 2012. The shares almost have never pulled back in last three years except “recently.”

Is this a good opportunity to step in to buy the shares of ISRG? <Continue to read - click here>

Apple Computer (NASDAQ: AAPL)
Aug. 31, 2012

Am I the only one, who thinks that shares of Apple (NASDAQ: AAPL) are still so cheap?

The Apple shares are trading 15.6x earnings, a few points above when the company reported its historical record-high earnings in the 1st quarter of this year.

Google (NASDAQ: GOOG) is trading slightly above 20x earnings or about 4 multiple points higher than Apple. That said, Google is more expensive than Apple; however, Google's extra 4 multiple points could be due to an anticipation of its own smart phone product, which would probably show up in the market this winter shoppin season. It's earnings probably fully reflect the stock price at this moment. <Continue to read - click here>