Wednesday's Apple stock story is a tale of two analysts occupying different ends of the spectrum, with a variety of other analysts staking out ground in the middle. Brian White of Topeka Capital named $AAPL his top pick for 2013, while Pacific Crest analysts Andy Hargreaves downgraded the stock predicting iPhone doom and gloom.

Market analyst Tom DeMark isn't worried about the big drop in Apple's stock price, and even expected it. He also expects the iPhone and iPad maker's stock will rebound, at it appears it's already on the way back up.

The sound you heard on the roof today was the sky falling as as investors worried about all these reports of Apple cutting iPhone orders. In the process, shares of $AAPL fell to US$485.92, a loss of $15.83 (-3.15 percent), the first time the stock has been below $500 for almost a year.

Following news that Apple apparently cut its iPhone 5 parts orders by 50 percent from 65 million units for the March quarter, Wells Fargo analyst Maynard Um is advising investors to take a deep breath. He thinks the 65 million unit figure wasn't ever realistic and that Apple's parts orders are now more in line with actual sales expectations.

Canaccord Genuity analyst T. Michael Walkley predicts strong performance in the December quarter for Apple's iPhone. Based on adequate supply and steady demand for iPhones at all price points, Mr. Walkley predicts sales of 48.2 million units on the quarter, and 169 million units in 2013.

Shares of Apple Inc. dropped Friday, despite a broader rally for all three major indices in the U.S. and the S&P 500 closing at a five-year high. Investors may have been reacting to news of slower MacBook sales during the December quarter, and possibly to good news for Google from the FTC.

Apple will hold its first fiscal quarter earnings report for 2013 on Wednesday, January 23 at 5PM eastern time. The quarter includes holiday sales and is generally expected to bring in big numbers for the iPhone and iPad maker.

Jubilation in the wake of a resolution to the U.S.'s fiscal cliff problem sent stocks soaring on Wednesday. Stock rose in a broad rally, and shares of Apple Inc. ended the day with a gain of 3.17 percent. $AAPL closed at US$549.03, up $16.857.

Rumors that Apple is developing a wearable computer in the form of a wristwatch surfaced in the last few days of 2012, and Piper Jaffray analyst Gene Munster thinks those reports have legs. In fact, he sees wearable computers as a big part of Apple's future, and ultimately as a replacement for the iPhone.