iPhone sales this quarter may see a sharp decline

Apple shares dropped by more than 4% today amid word that iPhone sales for the current June quarter may check in significantly lower than anticipated. In a new research note from Katy Huberty (via CNBC), the Morgan Stanley analyst relays that the investment firm lowered its iPhone sales estimate for the quarter from 40.5 million units down to 34 million units. "We expect Apple to report an in-line March quarter, but are cautious into earnings on May 1 due to our belief that June quarter consensu...