ANALYST: Apple Is Having A Disastrous Quarter Right Now

Analyst Brian Blair at Wedge Partners has some bad news and some good news about Apple.

First, the bad news. He says Apple is having a terrible quarter right now.

In a report picked up at Barron's, Blair warns that the stock could crash after Apple reports earnings:

"We recognize the potential for a hiccup when the company reports March quarter earnings. All signs in the supply chain point to softness for iPhone and weakness generally for Apple components. Why?"

• Continued slowdown in the high-end smartphone market.
• Smartphone growth at the low end where Apple doesn't compete.
• Lofty expectations for near-term China Mobile iPhone sales.
• Continued soft demand for the iPhone 5C.
• Phone upgrade weakness, with a larger-screen iPhone expected this Fall.

As bad as it sounds, Blair takes these lemons and makes lemonade out of it.

He says that when the stock crashes, it's going to be a buying opportunity because Apple is about to unleash a wave of killer products that will send the stock back to the moon.

He's calling for mobile payments, an iTV, and iWatch, the iPhone 6 with a bigger screen, and some sort of new laptop.

A word of caution: Analysts have been predicting those product lines for a long time, and so far we've gotten none of them. Cook has promised new products this year, so maybe one of them will finally materialize.