Apple (AAPL) has been such a great stock for so long that it’s hard to realize that it is past its prime. This was confirmed in their earnings report after the close Thursday. Revenue was -2.5% and Net Income -3.4%. None of the five segments – iPhone, Mac, iPad, Wearables and Services – has any real revenue growth at this point. And yet the stock still trades for 30x earnings. I re-iterate my argument from a year ago that shares are only worth $100.
Disclosure: Top Gun is short shares of AAPL.