Apple's stock took a beating Thursday morning after the tech giant reported disappointing earnings Wednesday.
(Read More: Apple's Revenue Falls Short, Shares Dive )
That followed a drop of more than 10 percent after it posted its earnings Wednesday. Its shares have fallen more than 30 percent since the all-time high of $702.10 in September, causing many analysts—some former bulls—to become bearish on the stock.
(Read More: Apple Should Not Be Trading at This Multiple: Cramer )
DoubleLine CEO Jeff Gundlach went as far as calling Apple a "broken company."
(Read More: Apple 'A Broken Company': Gundlach )
Shares of Apple's suppliers also got slammed on news of the tech giants earnings. However, some strategists said this was a buying opportunity for the stocks.
(Read More: Apple Suppliers Slammed, but Experts Say Buy )
(Watch Video: Is Apple Hurting Without Steve Jobs )
Despite Apple's revenue miss though, the company still had an outstanding quarter in terms of record setting.
(Read More: Apple Earnings Hit Could Whack Tech )
The company sold a record 47.8 million iPhones and 22.9 million iPads.
(Read More: Rumors of Apple's Demise May Be Greatly Exaggerated )
(Watch Video: Cisco CEO: Apple Will Be Fine in the Long Run)
During the earnings call, Apple's CFO Peter Oppenheimer, also shared some interesting information that signals a change in the way Apple reports its outlook.
(Read More: Greenberg: Apple Stops Playing Games )
Apple, which is known for giving conservative earnings estimates, will now report estimates that will more accurately reflect the range in which the company believes its earnings will fall.
"Going forward, we plan to provide a range of guidance that reflects our belief of what we are likely to achieve. While we cannot forecast with complete accuracy, we believe we are likely to report within the range of guidance we provide," he said.
Apple gave a softer than expected revenue estimate of $41 billion to $43 billion for its current quarter. Analysts had expected an estimate of $45 billion.
One of Apple's biggest competitors, Microsoft, will report its earnings for the holiday quarter after the bell Thursday.
(Watch Video: Will Microsoft Distract From Apple? )
Alibaba traded as high as $99.70 in its debut, a gain of nearly 50% above its IPO price, before paring gains.
Apple's iPhone 6 Plus uses chips from Qualcomm, Skyworks Solutions and other companies, said gadget repair firm iFixit.
People turned out in record numbers to buy the iPhone 6, which CEO Tim Cook called "the biggest advancement in the history of iPhone."
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Apple's mobile payments service and the cryptocurrency are "not super comparable," says investor Cameron Winklevoss.
Rather than jump at the Alibaba IPO, RiverPark/Wedgewood fund's David Rolfe might "wait years to get it at our price."
Though Alibaba is seeking a valuation of as much as $162.7 billion, one stock market pro thinks it could fetch up to $240 billion.