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April 12, 2011

Earnings Season Continues


Apple (AAPL, $AAPL) Reports After Close, ValuEngine.com Rates it a BUY
Apple Computer, Inc. designs, manufactures and markets personal computers
and related personal computing and communicating solutions for sale primarily to
education, creative, consumer, and business customers.
Apple reports after the close today and analysts expect strong numbers. Also of
note is the company's huge cash stockpile. According to the WSJ, Apple is sitting on
almost $60 Billion which Steve Jobs keeps on hand to exploit any strategic
opportunities which may arise--acquisitions, mergers, technologies, etc. Apple
remains the #2 company in the US--second only to Exxon-Mobil.
ValuEngine has issued a BUY recommendation for Apple Computer, Inc. on
Apr. 20, 2011. Based on the information we have gathered and our resulting research,
we feel that Apple Computer, Inc. has the probability to OUTPERFORM average
market performance for the next year. The company exhibits ATTRACTIVE company
size, risk and 5-year annualized return.
Based on available data as of Apr. 20, 2011, we believe that AAPL should be
trading at $366.04. This makes AAPL 7.70% undervalued. Fair Value indicates what we
believe the stock should be trading at today if the stock market were perfectly
efficient and everything traded at its true worth. For AAPL, we base this on actual
earnings per share (EPS) for the previous four quarters of $19.87, forecasted EPS for the
next four quarters of $24.78, and correlations to the 30- year Treasury bond yield of
4.43%.

MARKET OVERVIEW
Summary of VE Stock Universe
Stocks Undervalued 44.00%
Stocks Overvalued 56.00%
Stocks Undervalued by 20% 18.15%
Stocks Overvalued by 20% 25.06%
SECTOR OVERVIEW
Sector Change MTD YTD Valuation Last 12- P/E
MReturn Ratio
Aerospace 0.22% -3.64% 11.89% 5.73% overvalued 16.00% 18.88
Auto-Tires-Trucks 1.62% -4.82% -7.13% 3.09% overvalued 27.17% 19.86
Basic Materials 0.84% -2.60% -1.60% 7.12% overvalued 43.97% 25.25
Business Services 0.03% -1.66% 4.05% 6.64% overvalued 9.88% 50.2
Computer and Technology 0.43% -1.94% 9.77% 5.13% overvalued 23.75% 44.82
Construction 1.06% -2.79% -0.57% 3.41% overvalued 1.01% 33.65
Consumer Discretionary 0.23% -0.63% 4.77% 2.99% overvalued 9.95% 32.92
Consumer Staples 0.18% -0.83% -1.32% 8.29% overvalued 13.09% 19.31
Finance 0.15% -2.35% 1.05% 4.87% overvalued 3.69% 25.63
Industrial Products 0.74% -3.21% 4.07% 6.55% overvalued 19.44% 29.78
Medical 0.35% -0.02% 12.24% 1.26% overvalued 10.55% 37.72
Multi-Sector Conglomerates -0.16% -2.20% 2.59% 12.33% overvalued 22.68% 29.57
Oils-Energy 0.34% -4.33% 8.72% 17.10% overvalued 35.14% 46.82
Retail-Wholesale -0.10% -0.81% 4.62% 5.23% overvalued 15.36% 28.85
Transportation 0.40% -3.34% -2.00% 10.03% overvalued 11.37% 21.35
Utilities 0.15% -1.15% 3.78% 9.02% overvalued 15.65% 21.22