150Bn cash.
http://finance.yahoo.com/q/ae?s=AAPL+Analyst+Estimates
I suppose there are quite a few reasons the market decided to discount Apple, , the loss of Jobs' innovation and leadership, intense competition from Samsung, erosion of margin , and that the share price had climbed parabola-like. And with technology stocks there is always a possibility that the heyday of being No.1 can fade quite quickly eg RIMM or Blackberry as its called now.

See the graph shown to compare these two stocks and you notice how similar they are except that Blackberry is leading the way (to zero?) by about 5 years!
Apple vs Blackberry.JPG

However by any normal estimates of business continuity there are some strong views that the discounting of Apples shareprice got overdone, and of course the price has come from off the lows just below $400, and given some indication of a turn (higher highs and lows).