It's apple-picking season again. Associated Press Steve Jobs Journal Community The iPhone maker's stock has stalled in recent months, after a strong run-up through last year. In a sense, that's not surprising. Aside from the likelihood of profit-taking, Apple shares often go into a lull early in the year after new product announcements. This year there was the iPad, unveiled in January amid a crescendo of hype. Since hitting a 52-week high of $215 in mid-January, Apple fell back below $200, although it rallied in recent days. The recent stock weakness presents investors with an opportunity. Apple is now trading at 17.6 times fiscal 2009 estimated earnings, well below its five-year forward-multiple average of 25 or 10-year forward average of 30, calculates Barclays. The difference is even more stark if you strip out the $43 a share of cash and investments on Apple's balance sheet at the end of 2009. That gives a multiple of around 14 times. There's no sign Apple plans to distribute any of that cash to shareholders -- Chief Executive Steve Jobs ruled out a dividend Thursday -- so its debatable whether the cash should be excluded when calculating Apple's price-earnings multiple.[Read more...]