[quote=moneymaker]Perhaps Apple itself is selling stock to invest in production of new iphone5s. Don’t know, but a PE below 9 for Apple screams under valued to me.[/quote]

Apple would have to file a secondary offering if they want to sell new stock. Plus they have plenty of cash on hand to invest in new products. AAPL was an over owned growth stock. It’s going to take some time and a discounted share price to make the switch from growth based investors to value based investors. What’s happening right now is fairly typical as a company moves from growth to value.