Apple’s $165 Billion Cash Hoard Creates M&A Mirages
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Apple Inc.'s slowing growth and cash-rich balance sheet are again fueling speculation that the world's most valuable company should make a big acquisition.Entertainment giant Walt Disney Co. recently joined a long list of potential acquisition targets that over the years has grown to include Netflix Inc., Tesla Inc., Peloton Interactive Inc. and Sonos Inc. They all have one thing in common: Anyone betting that Apple would buy them has so far been sorely disappointed. “You're probably missing the value of the business if you think the key catalyst for investment is a major acquisition,” said Kevin Walkush, portfolio manager at Jensen Investment Management. “It's a low-probability bet.” Apple is famous for eschewing splashy acquisitions in contrast with peers like Microsoft Corp. a...