Apple Shares Down More Than 7% After Earnings Call

Despite record iPad and iPhone sales, Apple shares fell more than 7% after it was announced that iPhone sales were slightly lower than expected.

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The latest round of earnings reports were less than stellar and that made for a less than stellar day on Wall Street. Blue chips tumbled triple digits; The S&P 500 and the Nasdaq - down hard three of the last four sessions. Apple led the slide. The gadget maker reports next week, but there's renewed speculation demand for iPhones and iPads is weakening. The hint: a somber outlook from a key Apple supplier. At one point, shares broke below $400 for the first time since December 2011.

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