“Reader Travis Lewis points out that after Monday’s $20.41 (5.8%) drop, Apple’s (AAPL) price-to-earnings ratio has fallen below the low point set on Jan. 20, 2009 — six days after Steve Jobs announced his second medical leave — when the stock closed at $78.20,” Philip Elmer-DeWitt reports for Fortune.

“In other words, Apple at $353.21 (which is where it closed Monday) is cheaper than Apple at $78.20 (where it closed on Jan. 20, 2009).,” P.E.D. reports.

Full article here.