Some analysts think Apple may now put its vast cash hoard to work. "Additionally, we believe it is likely that the company will now look at using its cash balance favorably for buybacks and a cash dividend, which will help further drive shareholder value," according to ISI.

Many observers expect Apple is set to continue to innovate successfully. "I expect [Cook], as well as the other talented managers, will continue moving Apple forward," noted Michael Yoshikami, CEO and founder of YCMNET Advisors, . "The bench strength of Apple is significant and many individuals have taken a greater role in the company given the developments with Steve Jobs' health over the last several years."

Investment bank Jeffries reiterated its "buy" rating for Apple's stock and set a target price of $500, .

Smartmoney notes that Apple's price, whether falling or rising, could have an outsized impact on mutual funds portfolios. That's because many of them have a surprisingly large number of Apple shares. The from an earlier Wall Street Journal story: "Few stocks are as widely held in regular mutual funds as well as in hedge funds. Few affect the performance of so many retirement portfolios. This is especially unusual because Apple is such a volatile growth stock. In recent years it's fallen by two-thirds and it's quadrupled. Most of the other shares that crop up in every portfolio are dull ones like Exxon Mobil or Procter & Gamble or Johnson & Johnson."

Smartmoney cited a Standard & Poor's analysis that found that "26% of all domestic and global stock fund share classes have Apple as one of their top 10 holdings."