I used to run a public medical device company. Our stock fluctuated wildly sometimes unrelated to our fundamentals. We would just scratch our heads and wonder why sometimes. But, in the end, it reached its real value. AAPL is undervalued at these prices. It has a P/E ex-cash of sub-$7 on projected 2013 earnings of $56. Buying anywhere down at these levels will pay off, unless the business truly takes a turn for the worse that is hard to imagine at the moment. I bought at $525 and covered at $585 last month. I started buying again at $550 this time and will buy more today. Good luck.
Sentiment: Strong Buy
If you plan to buy 100 sh or more, sell a covered calls after you get in for a nice premium. I would nibble here as we don't know yet how close we are to a bottom. I doubt it will drop much more from here, but we still aren't back to the $505 it fell to recently.
punbr is right. Huge premium being built into options. You can go long and do a simultaneous covered call for somewhere in the neighborhood of 15-20 points. With the stock being hit so hard over the last 3 days, you have to think the selling will subside soon. Any short side players that are sitting on 60 plus points of profit will be looking to cover and take profits (at least the smart ones that will).