Black Thursday

Even if you factor in the options issue and the flat guidance, Apple's results were "incredible," says Scott Rothbort, president of LakeView Asset Management and a contributor to TheStreet.com's sister Web site Street Insight. Analysts are going to have to raise their earnings estimates, which means that with the level of cash the company now has, its shares are undervalued, says Rothbort, who is long Apple.

Rothbort says the after-hours selloff was "perplexing."

"The stock should not be where it is now," he says. "This is going to be an easy $50 stock. No doubt about it. The only question is whether [the market] allows it to get there."
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