Things might not be perfect for everyone's favorite fruit company. Oppenheimer analyst Ittai Kidron has cut his expectations for Apple's third-quarter earnings. He notes that iPhone 4 and iPhone 4S sales are "stable," but iPhone 5 sell-through has been "mixed." He notes that with expectations that Apple will launch a new iPhone in September, sales will be lower ahead of the rumored launch.
Kidron expects Apple to see earnings-per-share of $7.23 on $35 billion in revenue for the June quarter. For Apple's fourth quarter, Kidron expects Apple to see EPS of $8.84 on $38.9 billion in revenue. He also expects it to be a decent amount of time before something comes along to boost Apple's share price. iTV is what he believes to be the best chance for Apple's share price to increase.
Apple's stock briefly dropped below the $400 mark before bouncing back up to close at $402.63.