J.P. Morgan analyst Mark Moskowitz lowered his earnings and sales forecasts for Apple Inc.'s March quarter a move that pushed shares in the company to the forefront of a tech sector retreat, and down more than 5%.
Mr. Moskowitz cut his earning per share estimates from US$4.82 per share to $4.73 per share, and his revenue projections from $34 billion to $32.98 billion. The cuts were based on the slowing global economic environment, which he thinks will result in lower Mac and iPhone sales for Apple.
He also cited "research contacts" who said that Mac and iPhone sales have been "trending below our prior expectations."
As of this writing, shares in the company are trading lower at $84.12 per share, down $4.72 (-5.31%), on strong volume. The rest of the tech sector isn't faring any better.
*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.