Here's The Report That Slammed Shares Of Apple Yesterday

apple store on 5th fifth ave, apple, nyc, november 4 2011, nov 2011, bi, dng

Photo: Daniel Goodman / Business Insider

Yesterday when the general market rallied, Apple shares fell 2.5%. There were a variety of reasons offered, most notably a report from Cleveland Research, in which the firm slashed iPad sales estimates in the coming quarter.We’ve now gotten some more details from the report itself.

Here are a few key points from it:

  • iPad unit estimates were slashed for the coming quarter from 14MM to 12MM. The cuts are described as “sudden and unexpected”, having largely occurred in the last couple weeks. Some theories offered: Weakness in the end market, more competition, and perhaps due to preparation for the iPad 3.
  • Asian supply chain inventory “increased significantly” in Q3. While inventory spikes from time to time ahead of product refreshes, a jump in “inventory days” is notable and atypical.
  • iPhone demand remains very strong everywhere.
  • EPS estimates for the coming quarter have been cut from $9.89 to $9.53.

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