“Apple shares fell 2%, extending losses for a second day. ‘We are reducing our large format iPad unit estimates going forward, which, along with modest growth expectations for iPhone, prevents a more positive view of AAPL,’ said Andy Hargreaves, an analyst at Pacific Crest Securities, in a report,” Chang and Vaishampayan report. “He trimmed his fiscal second-quarter iPad estimate to 16.5 million units from 17 million. As a result, he cut his second-quarter revenue estimate to $41.1 billion from $41.8 billion and earnings-per-share outlook to $9.60 from $9.89.”
Chang and Vaishampayan report, “Separately, Bloomberg reported that Apple is seeking a new trial on 14 Samsung products after a U.S. judge reduced the $1.05 billion in damages awarded by a jury. The move is aimed at forestalling an appeal by Samsung.”
Read more in the full article here.
MacDailyNews Take: Andy Hargreaves couldn’t analyze his way out of a wet paper bag. He makes Laura Goldman look prescient.
AAPL: Pacific Crest Securities blew it – January 17, 2013
Pacific Crest: Apple’s iPhone business is going to be dead in the water; stock rangebound $440-$550 for next 12 months – January 16, 2013