Look for the Bruises on Apple's Report

The plot thickens.

Wednesday night, on the back of the controversy surrounding the market's reaction to the introduction of the iPhone, Apple's (AAPL Quote) earnings report beat the pants off consensus profit forecasts. But the company cautioned investors regarding the next quarter's results.

Reflecting many of the concerns that I expressed Tuesday and Wednesday -- which are now coming to the surface -- I expect some Wall Street downgrades today (J.P. Morgan downgraded Apple to neutral from overweight, citing soft Macintosh shipments and ever-increasing expectations) and for the stock to begin giving back the hype associated with the MacWorld announcement. (In pre-market trading Thursday shares of Apple were down 1.3%.)...