Apple (AAPL) Expected to Slash 2nd-Half iPhone Forecast

Shares of Apple, Inc. (NASDAQ: AAPL) are trading near the lows of the session following cautious comments on iPhone production from analysts at Wedge Partners.

According to the analyst, the company may cut its 2nd-half iPhone production forecast by about 20% on slowing demand. Specifically, the firm sees Apple lowering its iPhone production forecast to 90-100 million units, down from 115-120 million. This includes all models, including the still unannounced iPhone 5S and low-cost models.

Apple's 2nd-half iPad production forecast is seen as unchanged, according to the analyst.

Investors may get an update on iPhone forecasts when the company reports Q3 earnings on July 23rd, after the market close.

Shares of Apple are down 1.38% to $411.66.

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