While Apple’s (AAPL) revenue and earnings have absolutely skyrocketed over the past few quarters — it reported 92% growth in its recently ended fiscal Q2 alone –its stock price has barely advanced since reaching $320 in late October. Yesterday, the stock closed at $346.57, or 8.6% higher than where it was trading at over 7 months ago.
The NASDAQ-100 (QQQ), by contrast, has rallied 18.22% over the same time period. The stock hasn’t even been able to outperform the NASDAQ-100 despite trading at the cheapest relative valuation of the group and posting almost the highest net income growth rate surpassed by only a handful of stocks with lofty valuations. Even the broader S&P 500 (SPY) has outperformed Apple since October, posting 16.2% gains in the period.