Apple is healthy and they are making a ton of money.
But their $140B cash on the balance sheet is making the stock a major drag. It´s earning less than a 1% and it´s a *huge* part of Apple now. It´s not helping anyone, and it´s hurting Apple share price. That is a fact. However if they took advantage of this, and applied the cash to buy its own shares it would make the share more attractive.
And Steve would say: "so what? We're in business to make great products for consumers, and generate profit, NOT in the business of driving up stock prices or being well liked by Wall Street speculators."
As a matter of fact, one of the main reasons Apple does sit on a pile of cash is exactly to be independent of Wall Street. If Apple were to dole out the cash to share holders either through dividends or buy backs, Apple could be black-mailed by Wall Street at any point, e.g.: "Want to make a strategic acquisition? Well, unless you do X we'll hike up your bond rates by Y%"
Similarly minor issues with release cycles etc. could make the stock fluctuate even more widely than it does now, causing shareholder revolts, management ousters, etc. and making the company considerably less stable than it is now, and much more likely to have to give up the Apple way of running a business and becoming like the rest, driving by penny pinchers, cost cutters and accountants, rather than by engineers, designers, visionaries.
Apple's "if you build it, they will come" approach is only feasible if you can show to all of Wall Street the middle finger and just do what you want, because you have the cash, and more than enough cash to ride out a recession or two.
When the tech bubble burst, Apple continued investing and researching, while everyone else was cutting budgets. If the tea baggers manage to tank the economy, Apple will cruise on at full speed, with R&D, modernizing infrastructure, etc. They sell less phones and computers, make somewhat less profit, but they will exit the recessions as if it had never happened, while the competition has to re-hire talent they cut lose to cut costs, they will have to resume moth-balled R&D efforts, etc. and will be even more behind than they are now.
This is exactly Apple's game: if you have the cash, you rule. If others have the cash, they rule. Wall Street wants the cash, and they want to rule, that's why they keep bitching about not enough dividend, not enough share buyback, etc. because they want Apple lean, themselves cash-rich and in the driver's seat. As things are, Apple is in the driver's seat, and that causes them ulcers.