Shares of Apple Inc. plunged to a 52-week low Monday and flirted with the $100 line after analysts downgraded the stock considering they believe slowing consumer spending will hit its computer business.

The downgrades compounded losses in the general market due to the continuing credit drama. The stock fell $22.98, or 17.9 percent, to close at $105.26. Earlier in the day, the shares touched $100.59, the lowest level since early 2007.

Morgan Stanley analyst Kathryn Huberty downgraded Apple

to “Equal-weight” from “Overweight,” saying she was concerned that growth in the Macintosh unit is slowing down. The PC market is feeling the weakness in consumer spending, and Morgan Stanley’s analysis indicates that growth will shift to the low end of the market, where Apple doesn’t really play, Huberty said.

Huberty additionally said that even in the best of cases, Apple’s earnings growth will slow down from the quarter that ended in June. […]

Orginal post by dhiram