Apple: Inside the cult

Apple to sell new Macs and make more money, say people who may know nothing

Earlier this week, I said -- with tongue firmly in cheek, if that wasn't clear -- that I totally bought into something analysts said because it confirmed what I already believed about Apple sticking with AT&T. I generally don't trust analysts at all, but just because they say something I already believe doesn't make me wrong, as far as I'm concerned. Still, when analysts pull fairly specific predictions -- like, say, upcoming iMac and Macbook revisions, with case redesigns -- I tend to be a bit suspicious, especially when there's no sourcing with the report. Yes, I know these analysts do have real genuine sources lurking in Apple's Asian supply chain, but things they say should be taken with a heaping grain of salt.

Apparently I'm the only cautious one, though, because this vague rumor seems to have sent Apple's stock soaring. Actually, I hope it was this rumor that did the trick, because the other possible contributing factor was the fact that Apple has asked the Financial Accounting Standards Board to change the way it reports iPhone subscription revenue. This fact had bounced around the finance press for a few days, but was really brought to light by Jim Cramer on his Mad Money show. Yes, that's the same Jim Cramer who is on the record cheerfully explaining how to manipulate Apple stock by making up rumors. This accounting business is real, but I have no way to assess how or why it would make Apple stock more valuable -- but I'm stunned that anyone takes Cramer seriously when it comes to Apple, or anything else.

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