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One Reason Why Apple (AAPL) Stock Is Down Today

NEW YORK (TheStreet) -- Apple (AAPL - Get Report) stock is declining by 1.16% to $105.89 in early-afternoon trading on Thursday as cautious remarks about smartphone demand by prominent iPhone supplier Qualcomm (QCOM) exacerbate recent concern ahead of Apple's earnings release on Tuesday.

Qualcomm's forecast for demand for "premium tier" devices is "down slightly" from its previous outlook, "driven by slower than expected upgrades within one of the premium tier ecosystems," the company said on its earnings conference call last night.

Given Qualcomm's comments, Credit Suisse (CS) now estimates that iPhone builds could range from flat to a decline between 2 million and 5 million units next quarter, Barron's reports...