After massive drop, is Apple cheap enough?


MIAMI BEACH, FL - APRIL 26: An Apple sign is seen outside of a store on April 26, 2016 in Miami Beach, Florida. Investors are awaiting Apple Inc. scheduled reporting today of its fiscal quarter that ended March 26. Joe Raedle/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

NEW YORK: If Apple could cash in the value it lost in the first minute of trading on April 27, it would be nearly enough to buy General Motors, Target or Caterpillar. 

In fact, the US$48bil (RM186.90bil)-or-so the iPhone maker's stock shed at its session low could buy any one of nearly 400 components of the S&P 500. Various measures of valuation suggest the stock is probably still cheap – and has been for some time – but that may not motivate buyers concerned shares may fall further on saturation in iPhone sales. 

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