Hedge fund manager Dan Miles told CNBC on Tuesday that Apple's stock is overvalued, as the company's better-than-expected earnings results were powered mostly by iPhone sales. Niles, the founding partner of AlphaOne Capital Partners, said on CNBC's " Closing Bell" said the company's results in its services and other products segments didn't support the stock price.
AlphaOne Capital Partners founding partner Dan Niles argues investors will have issues if earnings do not rise to meet the increase in market valuation and should be concerned about problems in the repo market.
The opinions expressed on this page are those of Daniel Niles and not necessarily those of AlphaOne Satori Management, LLC (the General Partner to the AlphaOne Satori Fund) or STP Investment Partners (CRD # 306086) www.stpipus.com, the Registered Investment Advisor to the AlphaOne Satori Fund.
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