12:55 PM Apple (AAPL -5.8%) has hit levels last seen in Dec. '11 following Cirrus Logic's warning and a Digitimes report about declining iPad Mini shipments. Cross Research calls Cirrus' warning "a reminder of weakening demand, and the challenges around product transitions" for Apple. Tero Kuittinen, noting sub-30M June quarter iPhone sales estimates and worries about the margin impact of emerging markets promotions, thinks "several nightmare scenarios have been priced in." "The naked fear of former Apple bulls is exactly what we need just before the earnings come out." Read comments
AAPL price at time of publication: $402.04. Check AAPL price now »
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Recent Market Alerts on AAPL: All currents | Earnings | Dividends | M&A | On the move
Transcripts on AAPL
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