Apple stock plummeting on Morgan Stanley writedown. Buying opportunity?

I tend to stay away from the stock market because I really don't understand what moves it.  It seems like the press and the national mood have more to do with stock prices rather than fundamentals of a company.  

That being said, today, AAPL went down around $20 (15%) this morning on analysts' predictions (near as I can tell). Morgan Stanley said Apple is cutting orders on iPhones and Macintosh computers.  They also expect lower margins which were already expected as per Apple's latest earnings call.   Finally, changewave is saying that consumers plan on buying less in the upcoming months as we approach the Christmas buying season.

RBC Capital Market, which cut its rating to "sector perform" from "outperform," cited data from an RBC IQ/Changewave survey showing that 40% of consumers plan to spend less on electronics in the next 90 days, the weakest outlook the survey has ever seen.

RBC Capital Market and Morgan Stanley, which lowered its rating to "equal weight" from "overweight," both expect Apple's margins to decline. Margins fell in Apple's latest quarter due to a back-to-school promotion as well as a "future product transition" that wasn't disclosed when the company released its results in July.

In its report, Morgan Stanley cited recent negative data such as a string of Macintosh computer and iPhone order cuts and signs of pricing pressure heading into the holiday season. Macintosh computer sales represent 50% of Apple's per-share earnings, according to Morgan Stanley.

Many people will probably use this as a buying opportunity.  Morgan Stanley's analyst has a poor record on Apple predictions.  RBC Capital's is better but Apple prodigy Gene Munster at Piper says this might be a buying opportunity.  Also, Apple hasn't been this low in over a year and its international products are doing very well against its PC and Windows competitors.  Hmm... 

Full disclosure: I own 10 shares of AAPL in my retirement account

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