"Apple shares have lost more than a quarter of their value in less than two months, but one of Wall Street's top analysts in the store explained why the story is against a turn sometime soon," reports Michael Sheetz for CNBC. "The sales side estimates have only been revised downwards by -0.8% so far, and the story indicates that the shares are unlikely to bend until the estimates stop coming down," said Bernstein's Toni Sacconaghi in a note to investors Wednesday. "

"Sacconaghi watched the last three times in the last decade when Apple's inventory has been shaping. The three downturns Sacconaghi identified is linked to the lifecycle of iPhone products: iPhone 5, iPhone 6S and the beginning of iPhone X. Of the lessons to be learned from earlier stockpiles, Sacconaghi said Apple's inventory is "typically predictable for estimates," and has a high correlation with Wall Street's next 1

2 months EPS estimates, "reports Sheetz. "Perhaps most important is that Apple's share price has only bottomed once since the EPS estimates from the merchants have bottomed, Sacconaghi said."

Sheetz reports, "Bottom Line: Until analysts have finished reducing their expectations on stocks, expect more weakness."

Read more throughout the article here.

MacDailyNews Tasks: See lemmings. They are predictable.

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