Wall Street

Apple Stock Slumps As Morgan Stanley Cautions on App Store Impact to Q3 Revenues

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By Martin Baccardax Morgan Stanley analyst Katy Huberty says a ‘broad based’ slowdown in app store sales could hit Apple’s Q3 revenues. Apple (AAPL) – Get Apple Inc. Report shares slumped lower Friday after analysts at Morgan Stanley cautioned that the tech giant’s App Store revenue is slowing, creating what it called ‘downside risk” for services revenue growth over the current quarter. Morgan Stanley analyst Katy Huberty, one of Wall Street’s most-respected Apple watchers, noted that App Store revenues were up 6% from last year over the two months ending in May, but a tougher June comparison …

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