What's Up With Apple?

Apple (AAPL) shares are getting hit hard in today’s broad market selloff. While there are some minor news developments involving Apple–a lawsuit over the use of the phrase “Mighty Mouse,” a report that the company will use LED backlit displays in future laptops–there’s nothing obvious that would be pressuring the stock.

One item worth noting which I missed yesterday: Piper Jaffray’s Gene Munster in an unusually cautious (for him) research note on Tuesday advised investors to keep their expectations for the capabilities of the 3G iPhone “in check.” He said the phone is likely to be nearly identical to the current iPhone in form and function.

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