Apple (AAPL +0.6%) ticks above $400 ahead of FQ2 results and FQ3 guidance few expect to be glowing, particularly in light of supplier numbers (I, II). Shares are down 22% since the company posted a disappointing FQ1 report; the FQ2 EPS consensus has fallen by $1.60 over the last 90 days to $10.07, and the FY13 consensus by $4.31 to $43.66. FBR's Scott Thompson (Outperform) has cut his PT by $100 to $525 today. Thompson likes Apple's valuation, but adds "management has been surprisingly quiet about how Apple may deploy its $130B." He also asserts execution "has been plagued by operational missteps and a steady stream of reported production cuts."