1. Expectations

    Apple Q1 Earnings Disappoint

    FILE - In this Friday, Nov. 2, 2012, file photo, An Apple specialist hands over the new Apple iPad mini to be purchased at an Apple store, in San Francisco. Apple's stock is falling along with a sell-off in the broader market on Wednesday, Nov. 7, 2012. The stock of the world's most valuable company has now fallen more than 20 percent from its all-time high of $705.07, hit on Sept. 21. That was the day the latest iPhone went on sale. (AP Photo/Eric Risberg, File)

    Eric Risberg/AP

    Is iPhone mania over? Probably not, but Apple's reported first-quarter profits caused shares to drop 5 percent in after-hours trading. The year shattered iPhone sales records (by 10 million), but failed to reach analyst expectations. Not to mention the company recently chopped down its order for iPhone 5 parts and the stock has lost a quarter of its value in the just past four months. But it's not as bad as it sounds: Analysts had predicted reports of 48.3 million in iPhone sales and Apple sold 47.8. Total sales rose 17.7 percent, but missed a forecast of $54.7 billion by $200 million. Before you pity Apple remember that the company's sitting on $137.1 billion.

    Read it at USA Today