Upgrades Fail to Lift Apple

Updated from 7:35 a.m. EST

Apple (AAPL Quote) shares slumped early Thursday despite a raft of Wall Street upgrades prompted by Wednesday evening's first-quarter earnings blowout.

The Cupertino, Calif., tech titan blew away revenue and earnings estimates, boosted by a surge in iPod sales over the holiday quarter. But Apple shares, after soaring to an all-time high in the runup to the earnings report, dropped $3.41 early Thursday to $91.54.

The maker of Mac computers and the iPod portable music player put up a profit of $1 billion, or $1.14 a share, in its first fiscal quarter, compared with $565 million, or 65 cents a share, in the same period last year. ...