11:49 AM When Apple (AAPL -2.2%) last traded at its currently level of $514, MLB spring training hadn't started and the 3rd-gen iPad was still a mystery. Outside of the poor sales figures for Dell's PC business, which Mac/iPad sales are partly responsible for, there doesn't seem to be any major news to trigger today's sharp decline. Shares now trade at just a little over 7x FY13E EPS exc. cash - the Street seems to be pricing in expectations of limited growth and ongoing margin pressure. (Read the comments on this)
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