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Apple [stckqut]AAPL[/stckqut] is known for brutal efficiency, regularly killing off features and products that no longer serve its purposes.

So there is irony in the fact investors have taken a similarly ruthless view of Apple itself, penalizing the company heavily ahead of what is expected to be the slowest year on record for its key product: the iPhone. Apple’s share price ended 2015 down 4.6%, marking its first drop in seven years. That selloff looks overdone, even if one accepts the prevailing view that the iPhone 6s won’t sell at a pace anything like that of its predecessor.

Consider that Apple is now the cheapest stock among the 10 largest tech companies in the S&P 500, once its huge net cash pile of $150 billion is excluded. That means Apple is cheaper than other growth-challenged giants like Microsoft [stckqut]MSFT[/stckqut], Oracle, Cisco Systems [stckqut]CSCO[/stckqut] and International Business Machines [stckqut]IBM[/stckqut].

Source: Apple Peeled: Getting Under the Skin of iPhone Worries

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U.S. stocks had their worst annual performance since 2008, closing out a rocky year that tempered investors’ expectations for gains in 2016.

The Dow Jones Industrial Average, a basket of 30 stocks, lost 2.2% in 2015, while the broader S&P 500 fell 0.7%.

The S&P’s loss ended three years of double-digit gains for the index, but was far from the nearly 40% dive it took in 2008, a year of financial crisis.

The year wasn’t grim across the board. The tech-heavy Nasdaq Composite Index rose 5.7%. Netflix and Amazon.com, the top-performing stocks in the S&P 500 in percentage terms, rose 134% and 118%, respectively. The consumer discretionary sector, which includes stocks such as Starbucks and Expedia, led the S&P 500 with an 8.4% gain.

Source: U.S. Stocks Post Worst Annual Losses Since 2008