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Apple’s stock continues to struggle of late as Wall Street’s bears act more like frightened bunnies.

“Can Apple Regain Its Shine?”

“Apple Loses Its Shine”

“Apple Found To Be Unshiny, Severe Lack of Shine, Almost Dull”

Oh, wait, the Macalope made up that last one.

But what’s with the worries, jittery Wall Street? Well, on Friday a few firms cut their estimates on Apple, including EBS.

Based on checks with Apple’s suppliers, [EBS’s Steven] Milunovich said that the company is starting to curb production of the iPhone. In China, the newest model of the handset, the iPhone 5, may not sell as well the previous version did, he added.

Huh. Well, if only there were some indication as to how the iPhone 5 is selling in China …

“iPhone 5 First Weekend Sales in China Top Two Million”

That, by the way, is a record. Now, it’s possible that sales will drop off dramatically after this big weekend because everyone in China who wanted an iPhone 5 got one, but it’s also possible that Milunovich is just plain wrong.

At the same time, the iPad mini may siphon sales of Apple’s largest tablet, compounding growth concerns, Milunovich said.

Sure, it’ll siphon some sales; the question is, will it siphon more than it brings in? If only there were some way to tell …

“Morgan Stanley: iPad mini cannibalization ‘overblown’.”

A survey of over 1,000 U.S. consumers was published today by Morgan Stanley and AlphaWise, showing that although sales of the iPad mini are cannibalizing sales of some of the full-size iPads, concerns over the trend are “overblown.”

Overblown negative opinions about Apple?! Well, the Macalope supposes there’s a first time for everything.

Morgan Stanley isn’t the only one banging on the ceiling from underneath this downer of a party. CNBC’s Jon Fortt says “Apple Bears May Need a New Thesis.”

Suddenly there’s a hole in the Apple bear thesis so big you can drive a truck (full of iPhone 5s) through it.

If the iPhone 5 can still pull a big launch in China, it suggests that Apple’s brand still has plenty of cachet there.

A new thesis? Don’t worry, Jon. They’re probably already working on one.

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