Apple has sunk and the way it has sunk seems to indicate that it's 40 P/E is just not going to stand in today's market.
I think Apple will have a great quarter, their best ever. I estimate around $1.85 per share, which beats all estimates. However, they will likely lowball all forward estimates to the point where the stock will still probably go down. How much is the question. If they go down and stay in the 155+ range that will actually be super-bullish and I will then have renewed faith in Apple. If they fall under 155 though, I think this will be the year Apple's P/E goes from 40 (current) to 20 and the stock cuts off another 25% to 120 by the end of the year.
This earnings will be hugely important. If they survive it, they have a ton of bullishness on the horizon with deals in China, Japan, etc. on the foreseeable horizon. Even though talks broke down with both initially, they will likely happen soon anyway as it is in both company's best interest.
God Bless!
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Barry,
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