Disappointing Apple Earnings Report Yields Price Target Cuts

AAPL will open 8 percent lower on the NASDAQ this morning

Weaker-than-expected holiday sales of Apple Inc's iPhone reinforced fears that it is losing its dominance in smartphones, driving down its shares and drawing another round of stock price target cuts early on Thursday.

Shares of the company, which reported lower-than-expected revenue for the third straight quarter on Wednesday, were set to open 8 percent lower on the Nasdaq. Apple's Frankfurt-listed shares were down more than 7 percent.