When they buy back 1/6 of the stock and increase the divy you see a 25% haircut ?
You must be joking.
Without any new products and with earnings for Q2 on the low side of the estimate I see at least 25% upside in the next 3 months.
How are they being out innovated? By samsung making a bigger screen? Real innovations are things like the ipad, iphone, and itunes. When another tech company makes something that everyone else copies then AAPL will be out innovated. It will happen, but making a bigger, cheaper phone isn't being innovative, it's just being reactionary, which happens to be killing AAPL. It also hurts when competitors sell their products at cost, makes it hard to compete.