The market can turn on a company quickly and I am not surprised at all, with $137 billion, they could annouced a share buyback yesterday, that might stopped the 10% decrease in the stock...
and the flu season is just beginning.. APPL caught the flu and the market is coughing loud;
Jefferies & Co cut its rating on Apple's stock to "hold" from "buy"
and slashed its share price target by $300 to $500.
Jefferies analyst Peter Misek, who has previously raised red flags about Apple cutting orders to suppliers, said the iPhone slowdown was "real and material" and here to stay.
"We think Apple is losing the screen-size wars," Misek said, noting that demand was moving away from the iPhone's 3.5-inch and 4-inch screens to screens of 5 inches offered by rivals such as Samsung Electronics, HTC and Nokia.
Misek is a top-rated analyst for the accuracy of his earnings estimates for Apple,
according to Thomson Reuters StarMine.
Deutsche Bank trimmed its price target to $575 from $800, and said Apple should start making a lower-priced iPhone to arrest the market share loss.
Expectations heading into the results had been subdued by news of possible production cutbacks, hitting a stock that hit a life high of $705.07 just four months ago after the launch of the iPhone 5. Since then, Apple's shares have dropped 35 percent.
Analysts said the company's growth would hinge on new products, but added that a new launch wasn't on the horizon.
"To re-accelerate growth, Apple likely needs to launch new products, yet few seem likely before June," Nomura's Stuart Jeffrey said.
The company has been long rumored to be working on a television but has so far deflected questions on its existence. Apple hasn't launched a new line of products in almost three years, apart from a smaller version of the iPad.