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."

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