Apple Falls Most In Two Months On Downgrade (AAPL)

Apple AAPL fell the most in two months on Wednesday as U.S. equity markets were hit very hard amid fears about a full blown nuclear meltdown in Japan. The weak market, along with a downgrade from JMP Securities analyst Alex Gauna, sent Apple shares fell 4.46% to close at $330.

Gauna told investors that slower sales at Foxconn's Hon Hai Precision Industry, whose Chinese factories make Apple devices, could be indicating lower than expected revenue for the technology bell weather. This was the first downgrade for AAPL since October.

Gauna cut his second-quarter sales estimates for the company to $22 billion from $23 billion. He also slashed his earnings per share to $5.10 from $5.49. He has a $300 price target on the stock.