Impressive analysis of Apple's current earnings

Bullish Cross has a very nice analysis of Apple's current earnings if you don't do subscription accounting for iPhones. The bottom line: if you turn off subscription accounting, the company is making about $7.50 a share and has a P/E of about 12. As noted in the article, Apple has more net cash than RIMM, GOOG, AMZN, and IBM combined. If it were valued at their P/Es, Apple's stock would be trading around $200.... But in my humble opinion, the financial crisis has encourage a "throw the baby out with the bathwater" mentality, hence the stock's current pricing. It's a delightful analysis; Apple watchers should give it a read, if for no other reason than the eye-popping nuggets of financial information.