Apple has lowered its earnings guidance to Wall Street for the June quarter, though that was expected because Apple usually does so for this period, according to one analyst. What wasn’t expected: the guidance was worse than stock traders expected.

Bloggers and pundits almost at once concluded that it the fall off is due to intense iPhone 5 rumors and the expectation or hope that Apple may announce it during the June Worldwide Developers Conference in San Francisco.

Some Wall Street analysts are “starting to panic” over Apple’s revenues for the quarter, claims Jay Yarrow, in a story at BusinessInsider. “Analysts think Apple is due for a big come down,” Yarrow insists. But it’s hard to see evidence of panic.  

Last Friday, , while repeating its assessment that Apple’s stock will still “Outperform.” The firm lowered its calendar 2012 EPS estimates by 3% and its calendar 2013 EPS by 5%.