Apple has had a few quarters where year-over-year growth was around 100% (last in Q1 2011), that hasn't been the case in the last few quarters.
The market may be overreacting, but given that investors look at graphs like this and try to project the growth trajectory from the past few quarters several years into the future, pricing Apple a bit below Microsoft in terms of P/E doesn't seem all that unreasonable.
Apple has had a few quarters where year-over-year growth was around 100% (last in Q1 2011), that hasn't been the case in the last few quarters.
The market may be overreacting, but given that investors look at graphs like this and try to project the growth trajectory from the past few quarters several years into the future, pricing Apple a bit below Microsoft in terms of P/E doesn't seem all that unreasonable.