Apple “generates profits on a barely conceivable scale,” Jeff Sommer writes for The New York Times. “So what’s the problem? It is simply that Apple’s standing in the stock market has largely been built on that aging little object, the iPhone.”

MacDailyNews Take: Apple’s standing in the stock market has largely been built on that aging little object, the Apple II; has largely been built on that aging little object, the Mac; has largely been built on that aging little object, the iPod.

“A major iPhone rejuvenation is expected in September, the 10th anniversary of its birth. That is likely to spur greater sales, for a while at least,” Sommer writes. “But how long can the iPhone wield its financial magic, and will the company come up with another invention with awesome monetary powers?”

MacDailyNews Take: How long can the Apple II wield its financial magic? How long can the Mac? How long can the iPod?

“For the moment, the stock market remains entranced with what Apple is doing financially, and for understandable reasons,” Sommer writes. “Apple may no longer be a great growth company but it is still extraordinary, said Aswath Damodaran, a New York University finance professor, who has analyzed Apple’s earnings closely since 2010. Come what may, he said, Apple churns out staggering quantities of money with metronomic regularity.”

“On Tuesday, the company provided fresh details of how great a cash machine it is,” Sommer writes. “In just three months, after expenses and investments and payouts to shareholders, Apple’s already colossal pile of cash and marketable securities grew another $10.8 billion, reaching a nearly unfathomable $256.8 billion.”

“When the stock price reached $140, [Mr. Damodaran] sold his own shares. ‘It’s still a great company,’ he said in an interview. ‘But I don’t like the price.’ It isn’t a crazy price, not if you expect that Apple will remain disciplined and highly profitable and, maybe, even have another growth spurt next year,” Sommer writes. “But unless the old Apple magic returns, the company right now is not a bargain.But unless the old Apple magic returns, the company right now is not a bargain.”

Read more in the full article here.

MacDailyNews Take: Let’s build an anti-Apple hit piece based solely on the opinion of some NYU egghead who’s already personally lost out on $8.96 per AAPL share and counting.

No wonder The New York Times seems to be constantly cutting its budget and laying off staff.

In the last hour, Apple generated more profit than The New York Times did last year.