Here's the most negative thing you'll read about Apple today (AAPL)

Apple might have a China problem. 

In a note to clients following Apple's third quarter results, analysts at Cowen downgraded shares of Apple to "Market Perform" from "Outperform."

And their big concern: China

Here's Cowen:

While [management]  commentary sought to re-assure, iPhone units were light even adjusting for channel inventory. Normally, this would not concern us but evidence of a widespread demand reset from China is mounting (auto #s, UTX, FCS, LLTC to name a few from...

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#hashtags to follow:

Apple [+]    China [+]    Cowen [+]    Market Perform [+]    Outperform [+]    UTX [+]    FCS [+]    LLTC [+]   

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