Neil Cybart has a very interesting analysis of AAPL, the stock, and Apple, the company. From The Two Apples:

While AAPL investors look at changing revenue sources and Apple entering new industries as risk factors, for Apple such characteristics are normal business and according to plan. It is this divide that will likely continue indefinitely, suggesting it is unwise to expect AAPL to one day begin to follow Apple. Just as a declining AAPL stock price is no indication of a struggling Apple, there will likely come a time when AAPL outperforms peers even though Apple, the company, may be struggling.

The whole article is worth reading if you’re interested in the disconnect between a company that seems to be doing really well, and a stock price that doesn’t reflect that.