Apple's Outlook Didn't Surprise Investors Who Were Watching

“Warning flags were flying,” William Fleckenstein, a Seattle-based money manager who has shorted Apple for the last three months, said in a telephone interview. “You could see the deterioration in the lack of unit growth over the last couple of years and the market share loss. Apple sank as much as 8.5 percent in after-hours trading Wednesday following Chief Executive Officer Tim Cook’s announcement of a reduced revenue outlook amid slowing iPhone sales, weakness in China’s economy and supply constraints on other products.