J.P. Morgan analyst Dan Kunstler has lowered his earnings estimates for Apple’s second quarter from 11 cents per shares to 6 cents per share, and has revised revenues from US$1.45 billion to $1.35 billion. “Profitability on the new machines may have come close to evaporating in the quarter,” Kunstler said, citing Apple’s inability to ship more quantities of the new iMac coupled with rising component costs. Shares of Apple are down more than a dollar in pre-open trading.