"There's not a lot of conviction about what the second half is going to look like, " said Shannon Cross of Cross Research.

BBC: Apple shares fall below $400 on fears of slowing sales

Cross Research analyst Shannon Cross said that even though the company's forecast did not call for much growth, its outlook is strong, given the environment.

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"With the shift to notebooks, and even the mini-notes and the low-priced, low-featured notebooks, all of that will be made offshore, " says Shannon Cross, an analyst with Cross Research.

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