Apple Inc. (NYSE: AAPL) is scheduled to present fiscal first-quarter 2009 results today in a conference call at 5:00 PM Eastern. To listen in to the webcast, see Apple Financial Results on Apple's website. Or follow live coverage on The Unofficial Apple Weblog.

Analysts surveyed by Thomson Reuters expect Apple to report a fourth-quarter profit of $1.39 per share, 21.0% lower than in the year-ago period. Revenues for the quarter are expected to be marginally higher than a year ago to $9.7 billion. Apple earnings have topped estimates in the past five quarters, by as much as 15 cents per share.

For the full year, analysts are so far expecting lower earnings and higher sales as well. The long-term EPS growth forecast is 18.9%, and the consensus recommendation of analysts remains to buy Apple. The share price fell to a new 52-week low yesterday and is about 51% lower than it was a year ago.

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After tumbling 6.8% yesterday to close at $131.76 following some very unconfirmed chatter that Apple Inc. (NASDAQ: AAPL) will cut production of its iPhone, Citi came along this morning and reaffirmed its confidence in the company (as many analysts have throughout yesterday). The stock is up 1.3% in midday trading.

Our sister blog, TUAW, today cites messages from the Mac Observer forums saying (not much unlike some commentators here have), that it is possible yesterday's decline was due to a deliberate hit by someone. Further, Apple 2.0, directs us to AppleInsider who talked to Peter Boockvar of Miller Tabak analyst, the firm that supposedly wrote up the original note about the production cuts. There was no such note on Apple, he insists, according to the site.

As Citigroup explained when it upgraded Apple to Buy from Hold this morning, those production cut rumors are not surprising as they are indication that Apple is clearing out inventory ahead of new products, mainly lower priced, higher-capacity iPod Shuffles and Nanos, as well as a video iPod with an iPhone-like 3.5 inches diagonal screen and touch-screen controls. AAPL's pullback yesterday left the stock more attractive vis-a-vis Citi's price target of $160. Goldman Sachs analyst David C. Bailey agreed that the recent pullback in the share price presents a buying opportunity.

We also hear from another sister blog, Engadget, that they have noticed a quiet price cuts of the 5.5G iPod at a few major online retailers. Despite Apple usually keeping up a pretty tight rein on its product prices, some iPod models can be bought for $20 cheaper at some online retailers. While this usually may be nothing of note, Engadget speculates it could be a way to clear "excess stock in preparation for a brand new iPod..." Well, in light of these recent developments, I'd say this makes sense.

How much do Apple enthusiasts love the new Apple store in Manhattan? A heck of a lot, evidently. Steve Jobs went out on quite a limb by designing an I.M. Pei-inspired cube around the subterranean store's entrance at the base of the GM building on 5th Avenue and 59th Street. Apple fans are already lining up, waiting for the

Today the cube came into view and press was invited to tour the fabu new location. Forbes says, "Apple appears to have met the challenge of creating a flagship store worthy of the distinction." Venture capitalist Steve Jurvetson (who uploaded this photo to his flickr account) says, "The design reminds me of an x-ray of the original NeXT Cube... part of the cubist design leitmotif." Scott McNulty from TUAW is "obsessed." Just check out the many fan photos elsewhere on flickr for an indication of the cult of the cube.

The store opens tomorrow night at 6 p.m. and could be the very symbol of a company for whom the retail strategy actually works. After what I've read today, I have to conclude: this is one of the few pieces of Manhattan real estate that were really worth the money.

[Photo John Brockman]