Apple's Beats brand in April unveiled the Powerbeats Pro, a redesigned wire-free version of its popular fitness-oriented Powerbeats earbuds.
Analysts Downgrade AAPL, Apple Stock Dives Over 15% [Mkt Close: -17.7%]
As reported by The Wall Street Journal, RBC Capital Market and Morgan Stanley both downgraded Apple's value from bullish "outperform" or "overweight" to more neutral "sector perform" or "equal weight". Both cited concerns that Apple may not be able to maintain its traditionally high margins in the face of decreased consumer electronics spending and heightened competition.
Indeed, Apple had hinted at possible margin erosion in their last quarterly conference call. Tomorrow is the last day of the fourth fiscal quarter of 2008.
Update: AAPL closed today at $105.55 per share, down 17.69%.