Lastly, Apple needs to come out with new products, to show that innovation is alive and well in Cupertino, and not just as its competitors, such as Samsung, Google ( GOOG), and others.

The oft-rumored iWatch, along with an Apple-branded television set, would go a long way toward cooling the worries that innovation is dead. Samsung has confirmed that it's working on its own smart watch, adding credence to the suspicion that Apple has been working on something of its own.

Barclays Capital analyst Ben Reitzes wrote he thinks Apple is six months away from Apple's new iPhones and iPads, which will help boost sentiment around the stock. "We believe that Apple's shares are close enough to the new announcements to begin anticipating improvement within 6 months -- even with the prospect of below consensus fiscal 3Q (June) revenue and EPS guidance," Reitzes wrote in his note. He rates Apple "neutral" with a $530 price target.

It's been a rough few months for Apple, since the introduction of the iPhone 5, the iPad mini, and other products. Apple is now the underdog, and has traditionally come out on top when it plays that role.

This time looks to be no different.

-- Written by Chris Ciaccia in New York

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