“When it comes to Apple, help me understand something: JP Morgan PC analyst Mark Moskowitz cuts his outlook for iPhone and Mac shipments microscopically, and it’s good for a 5 percent drubbing of Apple shares,” Jim Goldman writes for CNBC.

“Even as the guy maintains his ‘overweight’ rating on Apple shares,” Goldman writes. “Welcome to the wonderful world of Wall Street lunacy.”

“Moskowitz took down his earnings estimates for Apple by a penny — yes $0.01 — to $1.01 a share. His revenue estimate collapsed — kidding! — from $7.72 billion to $7.62 billion. The news gets even more dire — kidding again! — with his Mac estimate collapsing from 2.39 million to 2.19 million. And iPhone unit shipments will plunge — ok, this is getting ridiculous — from 3.8 million to 3.4 million units,” Goldman writes. “All of that will translate into a lower fiscal 2009 performance for Apple, the analyst argues, with earnings per share declining to $4.73 versus the original $4.82, and revenue now at $32.98 billion against the original $33.97 billion anticipated.

Goldman writes, “Say it with me: Oh puh-LEEEEZE.”

“In an economy like this one, to suggest companies are not going to suffer some kind of shortfall is the height of ostrich-ness,” Goldman writes.

Full article – recommended – here.