Why Apple’s stock fell off a cliff today

 Apple took a more than $40 billion hit today after reporting its second-quarter earnings — and it was bleak. Shares of Apple were down more than 8 percent in extended trading at one point today. Things went about as poorly as you could expect: the company couldn’t hit revenue or earnings targets, iPhone sales fell off a cliff from the year-ago quarter and its third-quarter guidance… Read More

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