IT GETS WORSE FOR APPLE: UBS Cuts Price Target!!! Stock now down 3%!!!

Apple's stock is sinking again this morning.

UBS analyst Steve Milunovich is cutting his price target to $700 from $780, and reducing his earnings estimates for the first three calendar quarters of next year. It's still a buy, says Milunovich.

This is the second big bank to cut its Apple price target this week. Jefferies cut its price target to $800, down from $900 on Monday.

Milunovich is reducing his iPhone sales estimate for the March, June and September quarters by 5 million units. He's lowering his EPS estimate by 10%, putting him 5% below consensus.


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Business Insider @businessinsider 17 min
APPLE TANKS MORE: Stock Now Down 3% Pre-Market [link to www.businessinsider.com]

UPDATE: Stock now down 3%.

People who talk technical analysis are freaking out.

EARLIER: Ugly start to the day already for Apple.

The stock is already down $8, or about 1.55%.

Via Dave Lutz of Stifel Nicolaus, the cause is this WSJ report on Apple's "frigid" launch of the iPhone 5 in China.


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That what they get for changing the docking plug on iphone and ipod.

He situation has improved?

Business Insider @businessinsider 3s
Apple Execs Are 'Seething' Over The World's Joyful Reaction To Google Maps For iPhone, Writes Top Apple Blogger [link to www.businessinsider.com]

Without contract manufacturers like Foxconn there would be no Apple how a company that doesn't even own its own manufacturing can be worth so much is beyond me.

zerohedge @zerohedge 3 min
Apple release iPhone 5 in China in middle of December, blames weak launch on winter weather.

Business Insider @businessinsider 9 min
The Entire Apple Ecosystem Is Cratering [link to www.businessinsider.com]

It's not just Apple that's down hard today.

Any tech/chip stocks associated with Apple are getting slammed.

Via Dave Lutz at Stifel, Nicolaus, here's a quick look at how some companies are doing:
Cirrus Logic (-5.8%)
Qualcomm (-4.7%)
Skyworks (-5.3%)
Avago (-3.99%)
Triquint (-2.9%)
Broadcom (-3.13%)


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Business Insider @businessinsider 12 min
Apple Drastically Cut Its iPhone Orders For Next Quarter $AAPL by @jyarow [link to www.businessinsider.com]

Samsung has raised prices on components Apple uses in its products:

"According to MarketWatch, citing "a person familiar with negotiations between the two tech giants," Samsung has forced Apple into a 20 percent price hike for its mobile processors, and Apple, without any other options, was forced to accept the hike." [link to www.ibtimes.com]

Apple CREATED the digital music market. They convinced the world they needed an iPod and most of us went for it in a big way. Today I use iPod Mini's for stocking stuffers. Then came the iPhone. How many products have you see consumers stand in line to purchase before they'd ever seen or touched one? That single phone changed the cellular phone market forever. Of course don't forget the personal computer that Apple practically invented and manufacturer some of the very best PC's, even today.

Yes, Apple products sell at premium prices. But they offer premium quality, and premium technology. For some reason Apple has always run contrary to the "experts' predictions of their earnings, their future success and their overall viability as a company. Apple has real bonafide geniuses in their R&D and Software Development departments as well as the genius of their marketing over the years.

Do they make a mistake now and then? Yes, of course they do. But there are damned few mistakes compared to the astounding success they've had across a half-dozen industries. The next big thing? I don't know what it may be. But you can probably bet you'll see it come from Apple first. Don't sell your Apple stock just yet. You may be in for a pleasant surprise in the not too distant future... and Apple will soon be the ONLY TECH/Computer company to build their products in the US. Apple has announced that they're bringing all manufacturing back ON SHORE and getting out of their contracts with Korean and Japanese, etc., suppliers. If you have an ounce of patriotism left - that alone may be reason enough to buy Apple Products. Not withstanding the fact that Apple products are usually the best in their class.

Business Insider @businessinsider 20s
APPLE CRUSHED: Stock Falls Another 4% To New Closing Low by @hblodget [link to www.businessinsider.com]