The Apple sell-off

Apple has over $25 billion in cash, and didn't spend a dime wasting any of it on stock buybacks. So if we net out the cash, AAPL is trading at 10X reduced earnings estimates, which could still be suspect in this economy.

But if you like the stock, the puts will probably have some premium when this number opens.

So if you want to own the stock, and think their is some value down here, then sell some close to the strike and get a synthetic long position.