Apple Can Lose Another 10%, According To Wedbush

Ian Winer, Wedbush Equity Trading Head, feels that after losing more than 10 percent since its reported earnings last month, Apple Inc. AAPL's stock could lose another 10 percent.

Winer was on CNBC to provide reasons why.

China Won't Help

"I think that there's real issues here and I guess I would frame the bear case like this," Winer said. "First there's China, I have no idea how bad China is. But I can tell you things are getting worse and that's not the kind of environment you expand a multiple in on a company."

Isn't Cheap

"Second is, you hear all the time how cheap Apple is. But I look at it and say, you just lapped peak revenue growth, peak earnings growth, probably peak EBITDA growth and if you look at the Street's estimates and you didn't give them the benefit of the doubt, you're talking about low double-digit earnings growth over the next two fiscal years and high single-digit revenue growth."

Not A Shareholder Return Story

"And then third, most importantly, this cannot be a buyback story. This cannot be a shareholder return story. The tell here was pretty simple: when you launched that watch and you didn't see 500 people dressed as Chewbacca waiting outside an Apple Store in SoHo, you knew there was a problem."

"And so to me, that's the issues with Apple. You're not going to get multiple expansion, numbers are going to come down, iPhone units are going to come down and the stock is going to suffer."