Morgan Stanley notes in a briefing today that Apple discloses in their recent 10-K filing that net interest income will “decline substantially” in fiscal 2003. Morgan Stanley’s model had called for Apple to earn 22 cents per share for this fiscal year, of which 19 cents per share would come from interest income. In a briefing today, the brokerage said it believes that interest income may amount to as little as 14 cents per share. Joel Wagonfeld of Banc of America Securities has also lowered his 2003 earnings estimate on Apple to 20 cents a share from 23 cents, he too referencing Apple’s 10-K.
