A disheartening prediction. And to make matters worse, Bailey speculates that Apple (AAPL) won’t unveil any new product categories at MacWorld come January, and because of that won’t see the sort of near-term pop it typically experiences after the introduction of a compelling new product. Said Bailey, “[The] nearer-term outlook is less positive, as it now looks unlikely that Apple will launch a new product category at MacWorld in early January, taking away a potential catalyst for the shares and causing Apple to try to generate demand in a tough environment without the benefit of a new offering in the first part of 2009.”

Apple shares closed at $94.75, down 3.58 percent for the day on the news.