Cut iPhone price by a third two months after launch. Eager fanboys bite back with strongly worded letters and man-on-the-street blurbs. Give them $100 store credit, which really goes right back to Apple. Wall Street bites back. Harder.

Wall Street, which had lopped $5.5 billion off Apple's market cap the day before on news of the price cut, saw the $100 as a second hit to the bottom line and shaved off another $1.5 billion. It's punishing the stock even more severely this morning, despite the advice from American Technology Research's Shaw Wu that the financial effect on AAPL is "immaterial."


That's got to be starting to feel a little bit material now. [Apple 2.0, Flickr]