Apple is a bargain value stock by any measure: PE, dividend, buybacks, established competitive positions in multiple businesses, etc.
The bad news is out which primarily consists of Samsung's presence now as a major competitor. There are many catalysts which could return this stock to growth status in the eyes of a majority of investors. These factors range from announcements of Apple's rapidly growing enterprise business, to many new product opportunities, to China Mobile, to new business areas (automotive, TV). I would submit that another major catalyst will hit soon, the overall recognition that Apple's position in the marketplace will continue to allow it continue to capture a large fraction of mobile device profits, a growing area that has room for multiple competitors.
Overall, Apple stock is a bargain by any measure if you look beyond the negative information fire hose that is running full bore right now.
Disclosure: I am long AAPL.