joining me, scott kessler, s&p capital iq out of tech sector equity research, and alex ghana, securitiesott has hold and $103 price target. we're about there today, just slightly below it at 98. alex with a buy and $135 price target. scott, you're the slight skeptic with your hold. what do you need to see from apple that would change your rating to a buy? >> wow, well, i think that the way we consider apple at this point, liz is, we think of the stock as fully valued. look, it has been a great year, not withstanding issues you mentioned from this week. the stock i over 30% in 2014. that is double the appreciation for the s&p 500 technology sector. and, you know what? apple is so big, it is so dominant already, that we think it is going to be hard for them, over the longer term, to drive significant growth. and so we think, a slight discount to the tech sector multiple makes sense. we see the stock right now is likely to perform in line with the market. liz: okay, alex, to you, because now i look, and i see, okay he makes a very good point. doesn't a lot hit on next week and this rollout

joinings now on the phone, scott kessler, head of tech equity research at s & p capital iq. good morning. >> good morning, kayla, thanks. >> we have a one-two punch. on one hand a suite of samsung products. the other hand, the specific crest note that says basically sell apple. downgrading price argument to 100. do you agree? >> our 12-month target price is $103. obviously the stock closed a the that level yesterday. we think the shares are fully valued at this point and frankly i don't think a lot of people are accounting for potential disappointment coming out of the event scheduled for next week. that obviously seems to be what people are thinking about and perhaps worried about at this point. >> there's this idea that the iphone 6, because we know how popular and how much market saturation the iphone as a product has, that the iphone 6 a already priced in, but that the potential for new product categories whether wearables or payments, that's going to be where any upside surprise comes from. have you put a number on what you think that market could be for apple? >> we ha

joining us on the phone is scott kessler at s&p capital iq. welcome to the program.t clear exactly when the iphone 6 will be available in china. why it will be delayed. are you able to shed light on this? i hear there is some suggestion they may not have got some network license from the product for the chinese government? >> thanks a lot, simon. to be honest, there is not a lot of clarity on this issue. as you indicated, i think a lot of folks are expecting now that the new iphones won't be available in china until perhaps next year. that obviously would be a significant blow as china actually is the second largest country contributor to apple's revenues accounted for 15% in fy-13. i think it's fair to say a number of factors play here. obviously, there is the certification process, which i think many would acknowledge is challenging and somewhat onerous. i think last but not least, we've seen recent indications about the rollout of new wireless technologies causing delays and problems for u.s. providers. >> is your view on the stock changing, scott? >> it hasn't ch

joining us brian frank, frank value fund portfolio manager, and scott kessler, s&p capital iq equity cott, to you first. you've always been bullish on yahoo! but these are very real questions about a yahoo! valuation without alibaba. what do you say? >> well, cheryl, i don't know if we've always been bullish on yahoo! but which definitely look at the stock as pretty attractive right now especially given the recent selloff. i point you to a couple of points, right? so, number one, is the fact that they still own 16% of alibaba. so they're going to participate in whatever upside there is to the stock. secondly, they just got over $8 billion in proceeds from the sale, related to the ipo. and then third, there are a number of alternatives they could pursue to reduce the taxes associated with that sale and any potential upcoming sale. so, if you look at it on the sum of the parts basis which we, and i think a lot of others do. we see a valuation as appropriate of around $50 a share. david: all right. well, brian, let's take the large picture. first of all, i love yahoo! i happen to use the