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Merrill Lynch reiterates ‘sell’ rating on Apple

Merrill Lynch has reiterated its “sell” rating on Apple stock following yesterday’s slight jump, saying the current weakness in the company’s primary markets — especially education and professional — outweighs the benefits associated with online music sales, according to Merril Lynch also expects operating income to be negative this year, which means that positive net income will come entirely from interest income. In addition, the firm says that the shares remain expensive on a P/E basis.

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