“Consumer electronics giant Apple saw its shares fall sharply Wednesday, a day after the company reported mixed December-quarter results and gave a cautious March-quarter outlook,” Patrick Seitz reports for Investor’s Business Daily.
“Apple stock was down almost 5% to near 95 in midday trading on the stock market today. It closed the regular session Tuesday at 99.99, up 0.6%,” Seitz reports. “At least eight bullish analysts cut their price targets on Apple in the wake of the company’s Q1 report. The eight maintained their buy ratings or equivalent on the stock.”
“For the March quarter, Apple expects sales of $50 billion to $53 billion,” Seitz reports. “The midpoint of its sales guidance would represent an 11.2% year-over-year drop in revenue. Wall Street had been modeling for sales of $55.48 billion in fiscal Q2.”
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MacDailyNews Take: Mixed December-quarter results or, in other words, the largest quarterly profit ever posted by a single public corporation.
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