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AAPL down sharply after two ratings cuts

Bad day for Big Rainbow: RBC Capital's Mike Abramsky and Morgan Stanley's Kathryn Huberty cut their ratings and price targets on Apple stock, both citing weakness in consumer spending on PCs.

AAPL was down 17.38 at 110.86 (-13.58%) as of this writing: a 20-minute-delayed chart is above.

Abramsky's price target on AAPL shares is now $140 (down from $200), while Huberty's is lower at $115 (down from $178). Huberty also notes Apple will struggle because the company "does not play" in the sub-$1,000 laptop market.

In a slim bit of good news, Abramsky raised his estimate of the number of iPhone units sold during the fourth quarter to six million, up from five.

AAPL's price during the trading day has been its lowest in over a year.

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