Tom brian, before we talk about that forecast, what do you make of the fiscal first quarter. Some pretty big numbers reported. Some big numbers, but a little lighter than consensus, around 48 million iphone units, 22 million ipad units, a little less than consensus, and a little disappointing to investors, and certainly when you have the forecast that was light on top of it, it makes for a disappointing quarter. Tom i can already hear those apple shareholders saying financial expectations are just impossible for apple to exceed. Theyre so high. What do you say to them . Well, i think investors may have caught up to apples stunning growth, but perhaps the law of large numbers, i think growth is getting increasingly harder to achieve. I think the easy growth has already happened in the iphone in developed markets like the u. S. The next wave of growth will come from emerging markets, from china and lowerpriced phones. So apple may have a harder time getting that sort of growth. Tom i thi
the s&p slipped 11. a sales warning from engine maker cummins added to nervousness about earnings season. and, as suzanne pratt reports, investors have reason to fret. reporter: wall street could certainly use another topic to focus on, what with europe dominating headlines for weeks. earnings season is likely to provide that distraction. but it s also likely to make many investors unhappy. that s because s&p 500 firms are expected to report only a 5.5% gain in second quarter profits. a few months ago, the number was a healthier 9%. it s very worrisome, because companies have already given a lot of negative pre-announcements. in fact, for every one positive pre-announcement, we ve received three negative pre-announcements, which is the weakest showing since the fourth quarter of 2008. reporter: making matters worse, a big slice of the s&p 500 s q-2 gain will come from one company, apple. the other 499 names in the s&p are dealing with a host of problems, including a slo
the s&p slipped 11. a sales warning from engine maker cummins added to nervousness about earnings season. and, as suzanne pratt reports, investors have reason to fret. reporter: wall street could certainly use another topic to focus on, what with europe dominating headlines for weeks. earnings season is likely to provide that distraction. but it s also likely to make many investors unhappy. that s because s&p 500 firms are expected to report only a 5.5% gain in second quarter profits. a few months ago, the number was a healthier 9%. it s very worrisome, because companies have already given a lot of negative pre-announcements. in fact, for every one positive pre-announcement, we ve received three negative pre-announcements, which is the weakest showing since the fourth quarter of 2008. reporter: making matters worse, a big slice of the s&p 500 s q-2 gain will come from one company, apple. the other 499 names in the s&p are dealing with a host of problems, including a slo
earlier in the day. the nasdaq lost 29 points and the s&p slipped 11. a sales warning from engine maker cummins added to nervousness about earnings season. and, as suzanne pratt reports, investors have reason to fret. reporter: wall street could certainly use another topic to focus on, what with europe dominating headlines for weeks. earnings season is likely to provide that distraction. but it s also likely to make many investors unhappy. that s because s&p 500 firms are expected to report only a 5.5% gain in second quarter profits. a few months ago, the number was a healthier 9%. it s very worrisome, because companies have already given a lot of negative pre-announcements. in fact, for every one positive pre-announcement, we ve received three negative pre-announcements, which is the weakest showing since the fourth quarter of 2008. reporter: making matters worse, a big slice of the s&p 500 s q-2 gain will come from one company, apple. the other 499 names in the s&p ar
earlier in the day. the nasdaq lost 29 points and the s&p slipped 11. a sales warning from engine maker cummins added to nervousness about earnings season. and, as suzanne pratt reports, investors have reason to fret. reporter: wall street could certainly use another topic to focus on, what with europe dominating headlines for weeks. earnings season is likely to provide that distraction. but it s also likely to make many investors unhappy. that s because s&p 500 firms are expected to report only a 5.5% gain in second quarter profits. a few months ago, the number was a healthier 9%. it s very worrisome, because companies have already given a lot of negative pre-announcements. in fact, for every one positive pre-announcement, we ve received three negative pre-announcements, which is the weakest showing since the fourth quarter of 2008. reporter: making matters worse, a big slice of the s&p 500 s q-2 gain will come from one company, apple. the other 499 names in the s&p ar