Apple (AAPL) shares are already in a bear market, dropping from $130 a share last summer to around $100. Michael Parness, author of The Art of Trend Trading, said the technology giant’s stock is headed back to 2011 levels around $45. 'We look at it as a hardware company and if you base your view on that then it’s not that cheap,' said Parness. 'If you look back and history, you see Hewlett Packard and Compaq, and where are they now? Hardware companies don’t hold these valuations.' Wall Street analysts forecast Apple to post revenue of $76.6 billion and earnings of $3.23 a share in Q4.