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Apple's Share Storm is Brewing

Tickers in this article: AAPL AMZN FB GOOG
NEW YORK (TheStreet) -- When David Tepper speaks it moves markets. His ability to mesh common sense with numeric proof resonates with the herd.

In Tuesday's interview on CNBC, Tepper commented that Apple would perform with the market until it resumed an uptrend resulting from an evolutionary or revolutionary upgrade to its product portfolio.

Skeptics immediately jumped all over Tepper's statement, they disagreed that Apple stock can rise if the next round of innovation is merely evolutionary. How could the mighty David Tepper say such a thing? Doesn't he know that Apple can't survive unless its next revolution is right around the corner? Hasn't he heard how much better Google Maps is compared to Apple Maps? What about the market share reports in Android's favor? Doesn't he read financial media? If this guy knew anything he would understand that no uptrend can occur with Tim Cook at the helm; Tim's not Steve and without Steve the Apple story is over.

Despite these headwinds David Tepper still said what he said. Perhaps his numbers are telling him a different story.

So what do the numbers look like? Before I give you the data just know that Apple management's decision to unleash the largest share repurchase program in the history of Wall Street is no small thing. Any company that is able to grow earnings and simultaneously reduce its share count will find itself in a golden age of earnings per share appreciation.

When all is said and done, year over year EPS appreciation or depreciation is what moves a stock. EPS is Wall Street's fall back metric. It never fails. Apple's current rate of negative EPS growth (caused by year over year gross margin compression) is the leading cause behind the $300 correction of the last eight months.