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No worms in Apple stock

Apple (AAPL) has taken a bit of a stumble on Wall Street lately. Now, investors need to figure out whether it's a great buying opportunity or if this is the beginning of the end of Apple's fabulous bull run. Shares of Apple have now fallen 10% from their all-time high of $705.07. The stock dipped slightly Tuesday, making it the fourth consecutive down day for Apple. Apple was roundly criticized for its new Maps app, with many people preferring the previous map from Google (GOOG) that was bundled into Apple's iOS. Related: Comprehensive coverage of iEverything in Fortune's Apple 2.0 blog The days of Apple as the plucky David of Silicon Valley doing battle with the monolithic Wintel Goliath are long gone. Remember the kerfuffle over the iPhone 4 antenna? Nobody should be surprised that Apple shares are taking a breather. I followed that up last month by saying that "as Apple's stock climbs higher and higher, it's harder for new products to immediately move the needle." Apple proved it is fallible. Will the rumored iPad Mini, which may be unveiled this month if the chatter about an imminent invitation for another special Apple event are correct, be the product that restores the sense of magic and wonder usually associated with Apple? Apple will release its next quarterly earnings report on October 25. As a result, Apple's stock is once again looking reasonably priced, trading at 11.8 times fiscal 2013 earnings projections. Apple had been valued at 13.5 earnings estimates for next year at its peak $705 price. Related: Apple's biggest apologies The sense of alarm about Apple's stock slide is even more comical when you consider that this isn't even the first time in the past 12 months Apple has "corrected." There was almost a mini-Apple bear market this spring. After Apple hit a then all-time high of $644 on April 10, the stock then tumbled 19% to $522 by May 18 thanks to concerns about a slowdown in the global economy. (Sound familiar?) And shortly after the iPhone 4s hit stores in mid-October of last year, Apple's stock fell nearly 15% over a seven-week stretch from a then-peak of $420.70 to $363.32. Sure, Apple will eventually top out. But I doubt that the stock has already peaked. See More Market Plan in On Fina

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