Apple Inc. (NASDAQ:AAPL)’s CEO Tim Cook did well in yesterday’s opening of its Worldwide Developers Conference (WWDC), according to CNBC’s Jim Cramer.
The iPhone-maker yesterday opened its annual and much-awaited event at the Moscone West center in San Francisco and announced a new version of Mac OS X, a new version of its iOS mobile operating system, a new app called HealthKit and a new home automation system called HomeKit, among other things. Apple Inc. (NASDAQ:AAPL) also debuted Swift and Metal which are tools that developers can use for making apps and 3D graphics for its mobile devices.
Some people were unimpressed with the announcements made by Apple, Cramer noted as he said that some say that Apple Inc. (NASDAQ:AAPL) has lost its “pizazz”. However, the CNBC host reminded people that the WWDC is a “nuts and bolts” kind of event and is meant for developers.
Apple Inc. (NASDAQ:AAPL), he added, has embraced the notion that people know more about their cars than their bodies. That is why the company launched HealthKit. Nonetheless, Cramer seems to be unimpressed with HomeKit noting that there are a lot of products like this out in the market. What he likes, he added, would have been the ability to use his phone as his credit card. This prompted the team to remark that the iPhone-maker did not talk about payment systems during the first day of WWDC.
Meanwhile, the CNBC team noticed that Apple Inc. (NASDAQ:AAPL) is increasingly showing a willingness to play with other technology companies even as it fervently promotes its own ecosystem. Noted in the discussion was the ability to link a 3rd party keyboard, Office for iPad, and others. This prompted Cramer to ask whether something has changed about the company’s aggressive nature, especially after its battle with Android and Google Inc (NASDAQ:GOOGL) was mentioned.
The team also made mention of Craig Federighi, Apple’s senior vice president for Software and Engineering, who they say some claim could be the next Steve Jobs. Cramer then pointed out that this is the reason why he likes Tim Cook. He said that the Apple Inc. (NASDAQ:AAPL)’s CEO recognizes that he does not have “pizazz” which is why he goes out and gets people that has it.
Laughing at Cramer’s suggestion, the team asked how exactly did Cook realize he does not have “pizazz”? Cramer defended his observation by saying that there is nothing wrong with Cook realizing this. He stressed that the Apple Inc. (NASDAQ:AAPL) chief is an “operator” and that there is nothing wrong with forming a team with members who have “pizazz” working together to run and promote the company.
Cramer said: “I think there’s room for an ‘operator’ in the largest company in the world.” The team agreed that a CEO with pizazz is not always the right CEO for a company.
Watch the video below.
Earlier, Gene Munster of Piper Jaffray Companies (NYSE:PJC) was asked on was asked on CNBC;s Fast Money about the announcements made by Apple Inc. (NASDAQ:AAPL) in the WWDC and if the price target is going to go higher.
“We just inched it up to $730 last Friday, so we are up ahead and to answer that question on what’s it going to get to continue to go up, I think once the investors actually see this product and that’s probably going to be in September. So again today was an important step of laying the ground for what’s going to come in the future that actually can impact the numbers,” Munster said.
When asked about the legacy of Steven jobs affecting Apple Inc. (NASDAQ:AAPL), Munster agreed and said:
“I think that is definitely true. I think we often get the question about Tim Cook and how he is doing. I think he is doing a phenomenal job. I think his legacy is going to be played up, but I think the reason why those questions come up is just what Steven Jobs obviously did for the company so long.”
WWDC is surely getting heated up and Munster also said that the announcements made so far might not be the hottest announcements and he feels that Apple is looking more into services now and that is going to drive the price target of the company. Well Munster is a very optimistic analyst though. He and a team of analysts from Piper Jaffray Companies (NYSE:PJC) set a price target of staggering $1111 for Apple Inc. (NASDAQ:AAPL) back in January 2013.
Watch the full video below:
Among shareholders of Apple Inc. (NASDAQ:AAPL), Two Sigma Advisors managed by John Overdeck and David Siegel. The fund increased its stake in the company by 650% by the end of the first quarter of the year to 57,200 shares, valued at over $30.7 million. Another notable increase in the holding is John Fichthorn’s Dialectic Capital Management‘s, which upped its stake in Apple by 490% on the quarter to 7,100 shares.