Apple Stock Slump Could Just Be a Blip — Gene Munster Says Outlook 'Wasn't as Bad as It Looked'

Apple reported a double beat in the third quarter and third-quarter records for several items, including iPhone revenue. The stock is falling Friday on guidance and forward commentary. "Apple’s September outlook was not as bad as it looked," Munster said in a new blog post. The managing partner at Deepwater Management said investors will feel better about the guidance in the weeks to come. Munster said the guidance of revenue growth of 9% to 11% could have been higher if not for supply constraints and foreign exchange rates, estimating around 15% growth without these bottlenecks. "Either way, numbers are going down, and that understandably doesn’t sit well with investors." On the third-quarter results, Munster s...