Apple Recap: Courtroom Battles, Product Concerns, and Chinese Criticism
Amidst ongoing concerns about its product refresh cycle, criticism from the Chinese government, and a continuing courtroom battle with Samsung (SSNLF.PK), Apple (NASDAQ:AAPL) shares had a rough day. The iPhone maker’s stock closed down $9.06, or 1.96 percent, at $452.08. Here’s a cheat sheet to today’s top Apple stories:
Will Apple Disappoint This Quarter?
Shares of Apple traded as low as $452.14 on Wednesday afternoon — a dip of $9 or 1.95 percent — pushed down by Pacific Crest analyst Andy Hargreaves’s warning that the company will most likely miss expectations for the current quarter when it reports results in April and disappoint with its guidance for the June quarter. In his research note, seen by Barron’s, he reiterated a Sector Perform rating on the company’s shares.
The reason for his pessimism was largely a result of a lower outlook for the iPad.
Hargreaves cut his second fiscal quarter forecast to $41.1 billion and $9.60 per share in net profit from a prior $41.8 billion and $9.89 per share. The average estimate for the company’s current quarter is slightly higher, at $42.77 billion and $10.14 per share… (Read more.)