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<\/p>\nRUSH: There\u2019s something else that I want to get into today. This is such a teachable moment. It is a very, very… It\u2019s an object lesson in media and responsibility, and it has to do with Apple. So I\u2019m gonna probably not get to it \u2019til the next hour, depending on how things go in the remaining time in this hour. But Apple yesterday reported record earnings and record profit and a record profit margin in the history of the company.<\/p>\n
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Their guidance to investors expected total revenue between $84 billion and $89 billion for the fourth calendar quarter — October, November, December of last year. That\u2019s Apple\u2019s first quarter in their fiscal calendar. They count quarter four as their first quarter of the year. They reported $91 billion in earnings and $22 billion in profits. Now, the purpose for me mentioning this is not to hail Apple. You all know that I love Apple products.<\/p>\n
You all know that it\u2019s kind of strange \u2019cause Apple is a gigantic left-wing company that probably doesn\u2019t like me. But I still do. I don\u2019t care. I love the stuff. I love their products. I marvel at \u2019em. I try to learn everything I can about \u2019em. But you also know from me that the tech media hates them. The tech media hates Apple like the Drive-By Media hates Trump and hates Republicans. In addition to the tech media hating Apple, there are of course Wall Street investment and analyst places like…<\/p>\n
Well, just take your pick. I mean, there\u2019s Goldman Sachs. Take your pick of any of these people that go out and advise investors where to put their money. Well, there have been a couple… There\u2019s actually more than a couple. There\u2019s three or four of these different places that literally hate Apple who have been predicting doom and gloom for Apple for five years. They have been urging people to take their money out of Apple, have been urging people, “Don\u2019t put your money in Apple!”<\/p>\n
It has been the epitome of irresponsibility. It has been the equivalent of these people personally hating Apple for whatever reason and trying to damage Apple by getting investors to take their money out or not put it in. It\u2019s been the epitome of irresponsibility. We\u2019re talking about people\u2019s money! These are the so-called advisers, the analysts, the experts telling unexpecting investors where to put their money, where not to put it.<\/p>\n
The story is what happened yesterday after these earnings came out, after these earnings were reported. It is an object lesson in what ought to be happening right now throughout the Drive-By Media from the New York Times to the Washington Post, to CNN, to MSNBC and to virtually every media outlet who has been lying, spreading lies, originating lies, creating lies, perpetuating known lies from false sources — literally making things up for the past three to four years.<\/p>\n
There has yet to be a price paid by any of these people for getting it so wrong and for embarrassing their publications, their papers, their networks. They have not been punished. They have been heralded. They continue to work in this irresponsible way. They continue to spread lies. They continue to make stories up. They continue to quote anonymous sources that probably don\u2019t even exist. So, I will close the loop on this story — now that I\u2019ve got your whistle whetted for it.<\/p>\n
BREAK TRANSCRIPT<\/p>\n
RUSH: All right, let me close the loop on this Apple start and let me start again. Very, very briefly. Now, I follow Apple. I love their products, as you well know, and I follow them on my tech blogs, following the stuff and staying current on consumer tech. Well, all kinds of tech. It\u2019s a hobby of mine, and it\u2019s something I\u2019m just vastly interested in. I\u2019ve noted in studying tech media reporting on Apple, that Apple is hated and despised by a large section of tech media — and, by the way, business and financial media as well, although it\u2019s not as bad, not as pronounced there.<\/p>\n
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But I am not exaggerating when I say that to some tech media, Apple is as despised as Trump is by the Drive-By Media — and, accordingly, Apple is as lied about, is as misrepresented and is as criticized as Trump is. Now, the way this has manifested itself over the years, there have been investment houses… One of them is Rosenblatt Securities, and they\u2019ve had an analyst there who for the past number of years has been telling investors, “Get outta Apple! They\u2019re done. It\u2019s over with. Everybody hates their stuff.<\/p>\n
“They can\u2019t sell iPhones anymore, and that\u2019s their number one business.” He\u2019s just been pounding this stuff, despite evidence to the contrary. Apple just had a record fourth calendar quarter — $91 billion in revenue, $22 billion in profit — and leading the way was the iPhone! I can\u2019t tell you how many tech media people have been burying the iPhone for five years. “It\u2019s boring, it\u2019s dull, the American people don\u2019t like it, the Chinese consumers don\u2019t like it, they\u2019re fed up with the notch in the iPhone X form.” It\u2019s never ending.<\/p>\n
Media people are writing of Apple products as though they represent national public opinion. The same way it happens in the Drive-By Media against Trump. Well, here\u2019s the difference: “The most bearish,” for those of you in Rio Linda, the most critical, the most down on, the most down on “Apple analyst on the Street is parting ways with Rosenblatt Securities.” Rosenblatt Securities has gotten rid of this Apple analyst, finally. His name is Jun Zhang. He\u2019s no longer with the firm. He has been predicting the bottom to fall out of Apple for years.<\/p>\n
He has cost people money! People who listened to him sold their Apple stock, did not buy Apple stock. It reflected badly on Rosenblatt. Rosenblatt has said (summarized), “You know what? We\u2019re not gonna replace the guy. We\u2019re not gonna even talk about Apple anymore.” Their reputation and association with Apple as a performing company has been shot. All the way back three years ago, four years ago, April 2016, this guy “said that if the iPhone 7 didn\u2019t have a ‘panel upgrade,\u2019 there would be no other feature upgrade possible to drive demand.”<\/p>\n
In May of 2017, he “predicted that what was ultimately became the iPhone X was suffering from [fingerprint] ID supply problems \u2014 a feature not on the iPhone X \u2014 and wouldn\u2019t ship [on time] until the first quarter of 2018,” it was gonna be delayed. “Later, in 2017 and 2018, Zhang didn\u2019t appreciate Apple\u2019s growing Services business at all, and didn\u2019t see it…” He ripped it. In other words, there are business bloggers, business reporters with a personal bias anti-Apple so bad that they are costing their firms money.<\/p>\n
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Look, this is not to defend Apple. Don\u2019t misunderstand the point. This is media — and, in this media, they\u2019re costing people money, and some of these investment houses and financial institutions are finally firing these analysts who have been predicting doom and advising people to get out of Apple for years. Now, what if that happened…? How is that any different than what\u2019s happening at the New York Times, CNN, MSNBC, ABC, CBS, ABC, NBC, whatever?<\/p>\n