EO Tim Cook delivered the sort of message that iBears have been expecting, and that shareholders have been dreading. The previously forecast revenue range for the fiscal first quarter of $89 billion to $93 billion was … too optimistic by a touch. Trade war troubles and slowing Chinese iPhone sales have made $84 billion look more realistic.

In this MarketFoolery podcast, host Chris Hill and MFAM Funds’ Bill Barker talk about why Cook’s pessimistic letter to shareholders was particularly worrisome to investors and analysts; the troubles inherent in selling a smartphone that retails above $1,000; the way the company’s efforts to remedy the biggest pain point of older-model iPhone users could be backfiring; and their views on the outlook for the company, and its stock price.