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Top tech investor: Apple bulls better pray iPhone 7 is a hit

Shoppers at an Apple store in New York
Scott Mlyn | CNBC
Shoppers at an Apple store in New York

Editor's note: Paul Meeks, CFA, is a Platinum Portfolio manager for CNBC Pro. He has been covering the technology sector for more than 20 years.

No surprise, Apple's shares look to return below $100 when the market opens Wednesday morning. I think that they may even test the stock's $93.42 52-week low (January 27) before too long.

What rattled me, but was expected, was the sequential and year-to-year revenue decline in all geographies and products except for the annual increase in services and other products (think Apple Watch, which has been disappointing thus far). Unfortunately, those two product segments only accounted for $8.2 billion, or 16.2 percent, of the firm's $50.6 billion sales. For that matter, $51 billion, or even $8 billion, are impressive volumes for mortal companies, but Apple is expected to be divine.


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