Apple drops iPhone bombshell on already reeling stock market

SAN FRANCISCO — Apple acknowledged that demand for iPhones is waning, confirming investor fears that the company's most profitable product has lost some of its luster. The reckoning came in a letter from Apple CEO Tim Cook to the company's shareholders released after the stock market closed Wednesday.Cook said Apple's revenue for the October-December quarter — including the crucial holiday shopping season — will fall well below the company's earlier projections and those of ana