NEW YORK (AP) -- Investors are sending Apple's (NASDAQ:AAPL) stock below $600 for the first time in three months, after the consumer electronics behemoth reported earnings for its latest quarter that missed expectations and warned that profits in the holiday quarter would fall from last year.

Apple shares are down 2 percent at $597.64 in midday trading Friday.

Late Thursday, Apple said profits for the rest of the year would be lower than what Wall Street has been expecting because it's launching so many new products. It's expecting mammoth sales, but new products are more expensive to make than older ones.

Apple shares have now lost more than $100 from their all-time peak of $705.07, hit on Sept. 21, the day the iPhone went on sale in the U.S. and eight other countries.

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