Pro On Apple Watch Sell-Off: It's Only 'A Few Hours' Worth Of Trading
Speaking to Benzinga, former hedge fund manager and Scutify Co-CEO Cody Willard discussed Monday's Apple Inc. (NASDAQ: AAPL) product event, which included presentations on Apple Pay, new MacBooks, the Apple Watch and new medical apps.
Discussing the use of Apple Pay and it being featured in The Coca-Cola Co (NYSE: KO) vending machines, Willard felt that Apple is seeking to have Apple Pay "hit critical mass" with the payment service.
Willard added that it had become convenient to pay for low-priced items in a vending machine and that in settings like an airport, the convenience "makes me want to ahead and start using Apple Pay personally."
Apple will also launch an exclusive HBO offering in April for $14.99 per month on Apple TV and Willard felt that the combination "makes both of them much better competitors with the Netflix juggernaut."
Willard added, "I don't know how this HBO and Apple TV partnership can be conceived as bearish."
MacBook & Watch
With the launch of the newly engineered MacBook at Monday's event, Apple's stock rose 2 percent before falling when CEO Tim Cook discussed the Apple Watch.
Willard thought, however, that "MacBooks won't matter over the next two years or two months nearly as much as the Apple Watch," along with the continued dominance of the iPhone.
With the market's adverse reaction to the Apple Watch during the event, some might assume that the market did not like the first version of the Watch and thought the "Digital Touch" technology was underwhelming with limited functionality only capable of sending pings or animated images.
'A Few Hours' Worth Of Trading'
When asked about the market's reaction, Willard stated, "I don't know how anybody can conclude that a few hours' worth of trading during a presentation of a product that's already been publicized by Apple is meaningful.
"There are millions of investors and traders out there doing what they do with Apple just like they do every day."
Discussing the newly unveiled open-source Research Kit to connect users to medical researchers, Willard felt that medical diagnostics was "just one of thousands of future applications for the the Apple Watch and the information it will be able to collect and analyze for patients and doctors alike."
Apple Inc. closed at $127.14 Monday, up 0.43 percent.
Kevin Riley and Brianna Valleskey contributed to this report.
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