Why do you think the stock will stay level? Investors take cash on hand into account. Also, Apple is distributing some cash as dividends. Stocks seldom trade u

Why do you think the stock will stay level? Investors take cash on hand into account. Also, Apple is distributing some cash as dividends. Stocks seldom trade under the book value of the company, but it sometimes happens. The business may be bad and the stock is just anticipating, or the book value may be hard to realize in cash (hard to cash in on goodwill)[1]. None of that applies in Apple's case. [1] And very occasionally there is something that is just that much undervalued.