Apple shares fall most in two years

Apple Inc. shares fell more than 6.5 percent on Wednesday, the biggest percentage drop in two years, after the company reported its slowest-ever rise in iPhone shipments and forecast that quarterly sales for the current period would post the first drop in 13 years.

At least 16 analysts cut their price targets on the stock. The median price target is $135, according to Reuters data.

"Cook & Co have a few tough quarters ahead until we get to the buildup around iPhone 7 later this year, which is what bulls are focussed on to turn this ship back into growth waters," FBR & Co analyst Daniel Ives said.