Apple was going to report on its June quarter earnings. However, even this early, analysts were saying that the company's forecast for September would give a clue as to the release date of the next iPhone.

Apple's shares went down around 40% over the previous 12 months. Still, Wall Street analysts still thought of the stock as bullish. Fifty-five brokers said Apple stocks were a "buy," while only two said stocks were a "sell," according to data from Thomson. The median price target for the stock currently was US$530, a 25% premium of its current price.

More and more analysts were pushing out expectations for a launch. Seventeen brokers cut their forecast on Apple's revenue and earnings for the September quarter, according to Reuters data. Earnings per share for the period were cut, on average, by 7%. Most believed that late September will see the launch of a new iPhone. Because of this launch, results for the period may not be given a boost.