“While some cuts may have occurred due to shipment timing and a later launch in China, we believe the reaction is overblown,” Reitzes said. He thinks that new products and an improving U.S. economy will help accelerate Apple's earnings-per-share in fiscal year 2010.

However, Henry Blodget, in a "Business Insider" column for Silicon Valley Insider doesn't think we'll see new iPhones early next month (at the Apple Worldwide Developer Conference) as many anticipate.

"We believe Apple will focus on the new version of Mac OS X, Snow Leopard at WWDC," he writes. "While some investors may be expecting Apple to launch redesigned iPhones at WWDC, we do not anticipate the launch in early June. Rather, we expect Apple to host a special event in late June or early July to launch a family of iPhones. We continue to expect multiple models, possibly a high-end iPhone with improved specs from the current version and a low-end version with lower capacity and fewer features along with a reduced pricing plan."

Piper Jaffray analyst Gene Munster concurs. He doesn't expect Apple to introduce any new iPhones at WWDC. Instead he thinks the company will introduce new iPhone models at one of its dedicated “special events” later this summer.