Jan. 22 (Bloomberg) -- Shares of Apple Inc. fell for the fourth straight day as analysts said a slowdown in Macintosh and iPod sales this quarter may damp enthusiasm for the stock.

Apple last week reported Macintosh computer sales that disappointed investors and gave a forecast for this quarter that missed analysts' estimates. That diverted attention from record profit and sales during the holiday season.

``The initial shock of the disappointing Mac numbers is just having a snowball effect,'' said Gene Munster, an analyst at Piper Jaffray & Co. in Minneapolis who rates Apple's shares ``outperform'' and doesn't own them. ``Even if they put up a huge number this quarter, it may not be enough given a great holiday quarter wasn't enough.''

Apple's first-quarter profit surged 78 percent after shoppers snapped up a record 21.1 million iPod music players in the quarter ended Dec. 30. Sales rose 24 percent to $7.12 billion, the first time Cupertino, California-based Apple's quarterly sales have surpassed $6 billion.

While Mac shipments gained 28 percent to 1.61 million units, orders fell to less than the 1.75 million machines Wall Street analysts were anticipating, Munster said.

Sales in the second quarter ending in March will be as much as $4.9 billion, Apple said. Analysts estimated $5.23 billion, according to the average estimate compiled by Bloomberg.

Apple shares fell $1.71, or 1.9 percent, to $86.79 at 4 p.m. New York time in Nasdaq Stock Market composite trading. They have lost 8.6 percent since Apple reported earnings Jan. 17, and have dropped from a record $97.10 after Chief Executive Officer Steve Jobs this month introduced the iPhone, a combination iPod and cell phone.

To contact the reporter on this story: Connie Guglielmo in San Francisco at cguglielmo1@bloomberg.net.

Last Updated: January 22, 2007 16:05 EST