I know these forums are to express one's opinion, and as such, can't be stricken down as not being fact. Fair enough. But stock market in general and Apple stock in particular, have investor interest that is FAR from fair, analytical or objective.
It is really difficult to make a case that the price reflects objective behavior be it to sell it or to buy it. Let alone, that future, discounted cash flows, expectations of growth or other financial theories one may be tempted to advocate are to explain it. For example:
As of today:
P/E (Price over Earnings)
Apple trades at 11.64
Google trades at 23.24
Facebook trades at 159.69
Which, means at face value, that a future dollar to be made by Facebook is more valuable than a future dollar to be made by Google, and one to be made by Apple.
Apple's profit (NOT earnings, NOT income, but pure profit):
Q1 2011 (13 weeks) 5.99 billion (460 millions per week)
Q2 2011 (13 weeks) 7.31 billion (562 millions per week)
Q3 2011 (13 weeks) 6.62 billion (509 millions per week)
Q4 2011 (14 weeks) 13.1 billion (935 millions per week)
Q1 2012 (13 weeks) 11.6 billion (892 millions per week) 93% Year over Year growth
Q2 2012 (13 weeks) 8.8 billion (676 millions per week) 20%
Q3 2012 (13 weeks) 8.2 billion (630 millions per week) 6.7%
Q4 2012 (13 weeks) 13.06 billion (1,004 millions per week) 7.3%
Meanwhile Google (granted, I don't know when they would count the 14 week quarter, which only means one weekly number is lower and could show 2012 as having better growth):
Q1 2011 (13 weeks) 1.8 billion (138 millions per week)
Q2 2011 (13 weeks) 2.51 billion (193 millions per week)
Q3 2011 (13 weeks) 2.73 billion (210 millions per week)
Q4 2011 (13 weeks) 2.71 billion (208 millions per week)
Q1 2012 (13 weeks) 2.89 billion (222 millions per week) 60%
Q2 2012 (13 weeks) 2.79 billion (214 millions per week) 10%
Q3 2012 (13 weeks) 2.18 billion (167 millions per week) 79%
Q4 2012 (13 weeks) 2.89 billion (222 millions per week) 6.7%
Meanwhile Facebook:
Q2 2012 (13 weeks) 157 million LOSS
Q3 2012 (13 weeks) 59 million LOSS
Since Apple has around 72,000 employees, Google has 53,000 and Facebook has 4,000 or so, you could even make the case that Apple makes more PROFIT dollars per employee, which is almost double what Google would be for this quarter.
Facebook, would have to earn around 1.5 billion per quarter without adding employees and Google and Apple not to grow to justify that share price going forward. They might do it for a couple of quarters, but they would have to maintain it for years to come in order just to maintain the price, let alone grow it.
I find it hard to swallow that an investor should own stock of Facebook, over Google, over Apple. Especially since this is profit that no one, and I do mean NO ONE knows if it will come to pass. But that is what the market is saying right now...