it is? $1.60 eps with a p/e of 10 would be $16 stock. I am not so sure it is undervalued. Ithink it is propped up by a near 4% div, now if they cut that div in 2014 or 2015 as earnings keep shrinking, it will be a $16 stock.
Or if WW keeps cutting & pasting he may just be able to keep it propped up over $20.
You will see a drop for dividends, by at least the amount of the dividend. No big pops coming any time soon unless Apple has something really insanely good containing Intel chips coming out. Most probably, have to wait until first quarter 2014. We might see some positive action then.