I suspect that APPL is suffering from many of its individual (not institutional) shareholders being far to concentrated in a single stock rather than being truly diversified. This makes them much more vulnerable to fear/emotional selling as the price drops and creates a vicious cycle on the downside and overshooting true value. It certainly seems that it is a bargain at this price. With no debt, tons of cash, strong market position and reputation in all of its markets, and a pretty attractive P/E (particularly when you account for cash and no debt) it looks to be one of the better values in the market. A new investor could start averaging in and do quite well over 2-4 year timeframe even with no growth. However, pretty tough to accept if your average cost basis is over $400 and you have to watch it stay flat or drop another 10-20% on momentum/fear. Good luck.