Apple Computer (AAPL) shares fell 13 cents to $14.77 in after-hours trading Monday following Merrill Lynch reinitiating its coverage on the personal-computer maker with a “sell” rating. Merrill analyst Steve Milunovich said Apple appears to be dealing with a thin pipeline for new products and he expects the company to continue to lose market share. Milunovich also estimates that Apple’s December quarter sales should be $1.45 billion, or about $50 million below the consensus estimate of analysts surveyed by Thomson First Call. Interesting timing with Steve Jobs’ MacWorld Keynote today, eh?