First, Mac Rumors has said that Apple's new wireless headphones called Air Pods might not launch until 2017, she said. The new headphones were meant to be paired with Apple's new iPhone 7 and iPhone 7 Plus, which launched in early September and don't have a headphone jack.
Second, Microsoft's (MSFT) new Surface Book products have already received better reviews than the Apple's new Macbook Pros that were revealed last week.
Third, a UBS survey showed that demand for the iPhone 7 and iPhone 7 Plus may be weakening in China, Brennan noted. But UBS still reitereated a "buy" rating on Apple stock and a $127 price target.
For these three reasons, Apple stock slipped below its 50-day moving average earlier today for the first time in about a month-and-a-half, she said. "That's after those earnings last week that failed to impress investors. . .In general, we're seeing a sea of red here at the NASDAQ."
Last Tuesday, Apple posted its first year-over-year decline in revenue and profits since 2001 for the 2016 fourth quarter.
The tech giant reported earnings of $1.67 per share, topping analysts' expectations of $1.66 per share. Revenue fell by 9% year-over-year to $46.9 billion, which was in line with analysts' estimates.
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