No Worm in Apple, Yet Stock Falls

Despite reporting record-high earnings, Apple saw its stocks fall more than 11% after the market closed today, the New York Times reports. Apple's lowered 2nd quarter earning expectations may have sparked the drop, analysts say, unless investors are anxious about the high-end electronics market in general as the US economy slows down.

"We'll leave the economic forecasting to others," said Peter Oppenheimer, Apple's CFO, who highlighted Apple's $1.58 billion earnings in the first quarter of 2008, up from $1 billion last year. Oppenheimer pointed to post-Christmas shopping lag and sluggish software sales to explain lower second-quarter projections. (More Apple stories.)