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The analysts obviously wanted this stock to tank. They started putting out headlines 2 weeks ago that said the X was not selling well, and that started the sell off. They were dead wrong. The X was actually the top selling phone. Apple beat earnings & revenue was very strong, and they did it on one less reporting week than they had last year. They did sell slightly less phones, but higher per unit average made up for that. They did revise guidance for next quarter ever so slightly, but revenues & profit increase, increase in their services, increase in China & India, and a cash increase. To me, the stock didn't deserve the punishment it got. There's way too much negativity from the analysts on Apple with their 17 PE. Yet stocks like Amazon & Netflix with PE's in the stratosphere are allowed to run free without much negative interference from the analysts. Doesn't make sense to me. It's almost like what the fake news liberal media does to Trump. The analysts seem to have an agenda with Apple. At least Apple sells products that people need, and they do it at a high level, and their earnings are proven. Lots of these companies are operating based on future earnings and haven't proven much yet. Just seems highly manipulated and unfair. Ok that's my rant for the day, I'll shut up now :)

Their suppliers were supposedly told to cut way back on how many they produced going forward. So if so...shrinking demand for that model of phone. It's been grossly overvalued and the 640 point decline in the Dow helped it down as well. Apple doesn't historically carry all that high of a P/E because its such a mature and well-capitalized company. Not considered a high growth company now.