Apple CEO Tim Cook promises investors 'great stuff' to come

"The company is working as hard as ever, and we have some great stuff coming,'' Cook told shareholders Wednesday before taking their questions during Apple's annual meeting at its Cupertino, California, headquarters.

True to Apple's secretive nature, Cook didn't provide any further product details, although at one point he said the company is considering entering other categories besides its popular line of digital music players, smartphones and tablet computers.

There has been speculation that Apple is working on an Internet-connected watch or TV that will be introduced later this year. One shareholder at Wednesday's meeting threw a new idea for Apple to ponder _ a computerized bicycle. Cook, an avid bicyclist, chuckled at the suggestion, along with the rest of the audience.

Although there were more moments of levity, Wednesday's meeting was less celebratory than the events in past years, when Apple's stock price was soaring to the delight and enrichment of its shareholders.

Since hitting an all-time high of $705.07 five months ago, Apple's stock has plunged by 37 percent. The decline has wiped out collective shareholder wealth totaling $240 billion. That amount exceeds the total market value of Microsoft Corp., which reigned as the most influential company in personal computing until Apple ushered in an era of mobile devices with the 2007 release of

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