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Apple's Tim Cook is Wall Street hero for a day

May 21, 2013: 2:29 PM ET

While lawmakers took turns bashing Apple (AAPL) for its creative tax policies, investors were cheering on CEO Tim Cook as he defended the company and pushed Congress to overhaul the tax code.

The general consensus among traders on StockTwits was that Cook looked like a capable leader compared with the elected officials doing the questioning.

Long Tim Cook. Short John McCain. $AAPL

$AAPL Tim Cook did great job for Apple and US today by standing up to the BS. Now maybe remaining holdouts will see what a good CEO he is!

Tim Cook is crushing it. Doubled down on my $AAPL calls this morning and have 75% gains already. Waiting for the hearing to end to close

Cook even managed to plug Apple products.


@jfahmy: Gotta love Tim Cook using his testimony as one big advertisement for $AAPL" <- might as well be useful for something

Once one of the most sought after investments on Wall Street, Apple has struggled with concerns about the company's ability to develop revolutionary new products without its visionary leader, Steve Jobs, who died in 2011.

Related: Apple grilled about tax havens

Cook, who was chief operating officer before taking over as CEO, has been praised for his technical skill. But many investors have questioned his leadership as Apple's stock price has plunged.

After hitting an all time high above $700 last September, Apple's stock has dropped more than 30%.

The stock has regained some ground in recent weeks as bargain hunters still see Apple as a good long-term bet. Apple also announced plans to return $100 billion to investors over the next few years by repurchasing stock and paying dividends.

While Cook came out looking like a winner, Congress definitely didn't gain any new fans on Wall Street. Of course, traders are typically not big fans of the legislative branch.

Sad day in America when Congress goes after one of the greatest enterprises our country has ever had. $AAPL

$AAPL congress really is a joke these days. Sad 😦

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Ben Rooney
Ben Rooney
Staff writer, CNNMoney

Ben Rooney is a staff writer for CNNMoney. He covers the European debt crisis and other international finance stories, in addition to writing about stocks, bonds, investing and other Wall Street-related news. Follow Ben on Twitter: @ben_rooney

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