It is hard to put anything but superlatives onto the performance of Apple's ( AAPL) operations over the course of the past several years, let alone its two most recent blowout quarters. The company has managed to cripple Nokia ( NOK) and Research In Motion ( RIMM) in the global smartphone business and is taking market share away in desktop computing. An updated version of the iPhone is expected later this year. Stories are also circulating about yet another version of the iPad, an iPad mini to compete on a price basis with Amazon's ( AMZN) Kindle and Barnes & Noble's ( BKS) Nook. Furthermore, some dramatic and hopefully well-received changes will be made to its laptop line later this year. A fully integrated Apple television is rumored to hit stores late next year. The iTunes store is a huge cash cow for the company. >>10 Stocks Poised to Rise in Apple's Wake Speaking of cash, Apple is slated to initiate a quarterly dividend of $2.65 per share beginning in its July quarter. Furthermore, a $10 billion share repurchase program will begin in the company's first fiscal quarter of 2013, which begins on Oct. 1. The stock has surged so far this year but has pulled back from its high level of $644 set in April by over 10%. Earnings are expected to surge 70% in 2012 and 15% in 2013, both of which may be conservative estimates when considering all that I mentioned before. Yet the stock now sells for just about 12 times current year's earnings and 10 times forward estimates. Apple has a tendency to rise dramatically, pause with a shallow pullback of about 10%, base and then surge again. I think we are entering that basing phase. Apple, one of the top holdings at David Tepper's Appaloosa Management, was also featured recently in " 5 Huge Stocks Breaking Out This Week."