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March 2, 2011
VALUATION WATCH: Our models find that overvaluation is approaching
levels typically seen when a market correction is imminent. Overvalued
stocks now make up almost 61% of our universe and 29% of the universe is
calculated to be overvalued by 20% or more. ALL sectors are now
calculated to be overvalued.

Launch Pad
Apple (AAPL, $AAPL) Rated a Buy by ValuEngine Models
Apple Computer, Inc (AAPL, $AAPL). designs, manufactures and markets
personal computers and related personal computing and communicating solutions
for sale primarily to education, creative, consumer, and business customers.
Doesn't that description sound a bit out of date when you consider what a
powerhouse firm Apple has become thanks to the iPod, iPhone, and iPad? Today the
company launched its second iteration of the popular iPad computing device, which
has pretty much consigned yesterday's netbooks to the ash bin of history and--once
more--led to competitors scrambling to catch up in a brand new category of "must
have" electronic device.
ValuEngine has issued a BUY recommendation for Apple Computer, Inc. on
Mar. 02, 2011. Based on the information we have gathered and our resulting
research, we feel that Apple Computer, Inc. has the probability to OUTPERFORM
average market performance for the next year. The company exhibits ATTRACTIVE
company size, risk and 5-year annualized return.
Based on available data as of Mar. 02, 2011, we believe that AAPL should be
trading at $358.4. This makes AAPL 2.54% undervalued. Fair Value indicates what we
believe the stock should be trading at today if the stock market were perfectly
efficient and everything traded at its true worth. For AAPL, we base this on actual
earnings per share (EPS) for the previous four quarters of $18.54, forecasted EPS for the
next four quarters of $23.88, and correlations to the 30- year Treasury bond yield of
4.49%.
 Our models have a hard
time with Apple as popularity,
mystique, and the intangible
allure of its products are very
hard to quantify--as is the value
palced on the CEO's health by
investors. It is rare to see a buy
signal on the stock from our
ratings model. But right now
we see good valuation,
forecast, and other metrics for
the ticker. In the past, the buy signal has been fleeting and robust--if not a little
pessimistic. The last time we had a buy on Apple for the majority of a month was
back in January, 2010-- when the stock was trading at less than $200. Before that, our
last sustained buy signal came at the market bottom in 2009 when AAPL was less than
$100.

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MARKET OVERVIEW

Summary of VE Stock Universe

Stocks Undervalued 39.40%
Stocks Overvalued 60.60%
Stocks Undervalued by 20% 17.08%
Stocks Overvalued by 20% 28.92%
SECTOR OVERVIEW
Sector Change MTD YTD Valuation Last 12- P/E
MReturn Ratio
Aerospace -1.38% 0.00% 12.48% 10.29% overvalued 30.02% 18.75
Auto-Tires-Trucks -1.91% 0.00% -4.44% 7.66% overvalued 41.79% 22.08
Basic Materials -0.70% 0.00% -0.96% 16.84% overvalued 63.52% 35.44
Business Services -2.09% -0.27% 1.47% 11.55% overvalued 19.32% 37.72
Computer and Technology -1.56% 0.00% 8.56% 11.34% overvalued 37.99% 37.46
Construction -2.37% 0.00% 0.24% 7.05% overvalued 13.94% 45.13
Consumer Discretionary -1.62% 0.00% 3.25% 6.79% overvalued 24.86% 30.02
Consumer Staples -1.46% 0.00% 0.12% 7.49% overvalued 17.59% 27.18
Finance -1.37% 0.00% 3.10% 8.19% overvalued 17.10% 24.84
Industrial Products -1.58% 0.00% 3.12% 9.27% overvalued 29.61% 28.63
Medical -0.81% 0.00% 8.12% 0.28% overvalued 17.68% 44.57
Multi-Sector Conglomerates -1.64% 0.00% 1.93% 12.89% overvalued 32.70% 28.88
Oils-Energy -1.43% 0.02% 9.40% 38.79% overvalued 50.48% 43.88
Retail-Wholesale -1.76% 0.00% 0.59% 7.29% overvalued 27.63% 27.79
Transportation -1.92% 0.00% -3.55% 11.96% overvalued 26.08% 26.71
Utilities -1.12% -0.01% 1.23% 6.66% overvalued 18.23% 26.36