(MENAFN - ProactiveInvestors - Australia) From North America: Shares of Apple (NASDAQ:AAPL) slumped 12.4% to 450.50 overnight as the company issued a disappointing revenue forecast, and said it sold just under 48 million units of the smartphone - still a record, but at the low end of Wall Street estimates. The company earned 13.81 per share for its fiscal first quarter, above Street estimates of 13.47, but revenues fell short.
Its stock is 63 below its closing price yesterday, and well-over 50% below its all-time high of 700 when it launched the iPhone 5 in September.
At least 30 analysts lowered their price targets for the iPhone maker after its quarterly report, with the average reduction totaling about 15%, according to data from Thomson Reuters.
UBS' Steve Milunovich cut his price target to 600 a share from a previous 650, while keeping his buy rating intact. The stock has a big impact on markets, as it makes up 10% of the Nasdaq Composite and 3.6% of the S&P 500.