Here's a clear example of The Street missing the woods for the trees when it comes to valuing Apple stock while giving companies like Amazon high volume and low profit yield a free pass.

Notable Highlights between Oct 2011 - Sept 2012:

• Apple record breaking profit of 41.7 billion.
• Apple revenue is 156.5 billion.
• Combined profit of Facebook, Google Microsoft, Yahoo! and Amazon is 34 million.
• Combined profit of the PC industry of HP, Lenovo, Acer, IBM ASUS, Dell, and Intel is 19.3 billion.

One could extrapolate that the major Android OEMS combined makes less profit than Apple makes from the iPhone alone.