Apple gets clobbered by Wall Street
The fruity peddler of broken iDreams, Apple has lost more than $14 billion worth of value after a leading Wall Street outfit realised that people were paying too much for Jobs' Mob's shares.
According to Reuters, JMP Securities' analyst Alex Gauna downgraded the stock saying that there were signs that things were not all that great at Apple and no one appeared to be noticing.
Gauna said that the signs were all there. There was a sharp pullback in sales growth at Apple's largest Asian contract manufacturer Hon Hai Precision which was a sure indication that business was also slowing at the iPhone and iPad maker. Another problem for Jobs is the lucrative gadget-obsessed Japanese market which has had a huge dose of what is actually really important served up to it in the last few weeks. Apple has not tried to launch its new iPad toy there.
