Good point. So you're analysis is that Apple, if it gave all its cash to its shareholders, then by end of 2013 IF the stock then declined to $400/sh, the company would be valued at $250 Billion, which by the way would only be 5X earnings. Lets look this another way: the shareholders would get about $160 cash per share (for the cash to be paid out), and if the stock was valued at 10X PE then (for a company with no debt and still growing) it would be worth $800/sh. So at only 10X earnings by end of 2013 and after paid out all cash, stockholders would still have about $960/sh. by end of 2013.
Or the cash of $150 billion by end of 2013 could be used to buy up Apple's shares, in which case the stock would go to 17 PE more like IBM's (IBM buys back its own shares)
Meantime, one of the supposed negative articles to fear about Apple on Friday, was one on Reuters and CNBC which predicted the Smartphone Marker worldwide would grow 27% in 2013, and Samsung's share would grow from 33 to 35% worldwide and Apple's from 30 to 31% worldwide. That was portrayed that Samsung would grow faster. Let's examine this:
a. Apple would still be growing at 27% + gaining 1% in worldwide market share of Smartphone, hence growing at 28% in Smartphones, which is still incredible growth.
b. its well-known there will be more unit-growth in lower priced smartphones as more growth will be in the poor countries where less people have bought smartphones yet, and Samsung has more of the lower priced smartphone market than does Apple. But since Apple Smartphones on average cost more, Apple could still grow its sales in dollars faster than Apple.
ANYWAY ONE LOOKS AT IT, IF APPLE GAINS MARKET-SHARE IN SMARTPHONES WORLDWIDE AND THE MARKET IS GROWING 27%/ YR. IN 2013 UNIT-GROWTH, IS STILL INCREDIBLE GROWTH.