“Tech investors are a discerning bunch these days — a harsh reality that is pressuring Apple Inc. more than it deserves,” Steven Russolillo writes for The Wall Street Journal.

“Shares have slid 6% this year and 21% over the past 12 months. While some of that is justified as iPhone sales have slowed, the selloff also looks overdone heading into Tuesday’s earnings report,” Russolillo writes. “Apple at least has a low bar to hurdle. Analysts polled by FactSet estimate fiscal third-quarter earnings of $1.40 a share, down 24% from the same period a year ago. That estimate has fallen from $2.01 in November. Revenue for the period ending in June is expected to have dropped 15% to $42.1 billion.”

“Apple has been punished more than enough. The iPhone slump appears priced in,” Russolillo writes. “Apple remains wildly profitable, too. Its $10.52 billion profit in the March quarter easily surpassed combined profits of Alphabet Inc., Amazon.com Inc. and Facebook Inc. And its valuation is compelling. Shares fetch 11 times projected earnings, a 34% discount to the S&P 500. By that measure, the stock is the cheapest it has been in at least the past 15 years.”

Read more in the full article here.

MacDailyNews Take: Time to gin up some profits! Let that buoy go!

AAPL is like a buoy. Quick, it’s back on the surface! You there, analyst, and you, too, swim down and tug on the chain! Drag it under… lower, lower… Good! Now, quick, everybody jump on, and we’ll take a ride back up to the top again!MacDailyNews Take, January 9, 2012

As we wrote in April 2012:

At the most basic level, it’s extremely simple: Pump, then dump. Foment, then buy. Rinse, lather, repeat as the SEC sleeps.