Apple (AAPL) shares are down 14% to around $110 -- their lowest since May, 2007 -- after Morgan Stanley and RBC both downgraded the stock this morning. Why? Mostly slowing demand and lousy economic conditions.
* RBC's Mike Abramsky says his bank's latest consumer survey shows Mac purchase intentions for laptops and desktops "suddenly moderating" from August -- "the biggest declines in 2.5 years." And more broadly, 40% of people plan on spending less money on electronics in the next 90 days -- "the weakest outlook ever seen." Abramsky trimmed his Mac outlook.