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http://www.insanely-great.com/news.php?id=491
Apple to Fall Short on iMac Shipments This Quarter?
By Remy Davison, Insanely Great Mac
May 31st 2002
Morgan Stanley allegedly cautious on unit shipment targets, other analysts see stock
as attractive.
Morgan Stanley has apparently expressed caution about Apple stock, based on estimates
that Apple will move only 235,000 iMac units in the current quarter.
Current Wall Street estimates are around 300,000 units. On Thursday, Thomas Wielsel
provided a different analysis to Morgan Stanley, with an "attractive" rating accorded
the company.
In the last quarter, Apple missed its iMac unit shipment targets, due to various
production problems from its manufacturing contracters. Components such as LCD screens
were not only in short supply, but manufacturing difficulties emerged which caused
postponement of shipment dates. In addition, Apple took additional charges by air
freighting iMacs to customers in order to speed up the delivery process to fulfil
early orders.
Whether Morgan Stanley have received leaked information is unclear. What is also murky
is whether shipments may be down due to a softening of the Mac/PC market, or to demand
for other Mac models. Apple has recently introduced the new eMac, as well as revised
Power Mac G4s, PowerBooks and iBooks.
Apple is currently trading at $23.97, down 23 cents.
Analysis: We''re inclined to believe that orders for the iMac have slowed somewhat in
the wake of the large number of revised offerings made available recently. For
example, TiBook on first release in January 2001 sold up a storm. Until it was the
iBook''s turn in May. Similarly, eMacs and the revved PowerBooks are likely to sell
extremely well in the current quarter, as the iBook should improve upon its position
on Q2. Unit numbers are important, but iMacs are not the most profitable part of the
line-up: PowerBooks and Power Macs see to that, although the ed-only eMac may well eat
into Power Mac G4 profits with its low price/high value - but low margin - equation.
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