Apple is making the Wall Street rounds — and it comes bearing gifts.
Apple’s chief financial officer, Peter Oppenheimer, was in New York this week chatting up analysts and investors as the company battles hedge-fund manager David Einhorn’s efforts to get his hands on Apple’s $137 billion cash hoard.
The Apple moneyman was spotted at a conference with investors in Philippe Laffont’s Coatue Management, according to hedge fund publication Absolute Return.
Apple has fallen out of favor among some top hedge funds, which dumped shares last quarter and sent the stock sliding from its all-time highs. Apple’s stock is down by nearly one third since September.
Even Coatue, a vocal member of the Apple fan club, sold half its holdings. Despite the diminished position, Oppenheimer delivered iPad Minis to the almost 300 in attendance, according to the report.
The charm offensive didn’t stop there.
Yesterday, Morgan Stanley told clients that Oppenheimer briefed its analysts on the company’s plans and tried to shift the focus from Apple’s huge cash pile to the company’s product pipeline.
“Innovation remains top priority,” Morgan Stanley wrote in a note to clients. “Cash return a plus.”
It is a sentiment most of Wall Street agrees with if Apple is going to reverse its stock slide. Barclays analyst Ben Reitzes said this week that Apple needs to launch a cheaper iPhone to counter Samsung, especially in emerging markets.
Apple execs have been more visible in recent weeks as concerns mount over the cash just sitting on its books.
CEO Tim Cook sought to reassure investors at a Goldman Sachs conference just two weeks ago, saying the company is considering ways to return money to shareholders.