Apple: Wall Street's whipping boy takes another floggingMarch 12, 2013: 1:25 PM ET
It's been a rough week for Apple. And it's only Tuesday.
Apple (AAPL) shares slid 1.4% to $431.82 in afternoon trading.
The selling came after Jefferies analyst Peter Misek issued an unflattering report on Apple, adding to a string of negative research published on the company this week.
Misek cut his estimate for iPhone sales, lowered his price target to $420 a share and said there is a 25% chance Apple will miss its own earnings expectations this quarter.
But the report was a few days late and $1 short for some traders on StockTiwts. Apple shares fell to a low of $419 a share last week.
The sell-off has been driven largely by concerns about waning demand for the iPhone and uncertainty about Apple's future under CEO Tim Cook.
Cook had been chief operating officer before taking the helm.
Misek's report cited supply-chain problems related to certain iPhone parts that could delay new product launches later this year.
On Monday, analysts at Topeka Capital and Baird Capital both raised concerns about iPhone sales based on checks with Apple suppliers. Also on Monday, CLSA analyst Avi Silver cut his price target for Apple shares to $505 from $575.
Despite the flurry of ugly research, Apple shares rallied late Monday on rumors the company could issue a special dividend or buy back shares.
Those rumors have been rampant since hedge fund manager David Einhorn launched an activist campaign to unlock some of Apple's $137 billion cash hoard.
But the rebound was fleeting and traders were once again bashing Apple early Tuesday.