Yesterday was a big day for earnings in the connected consumer space, with both Apple and Netflix reporting. Today is a big day for selling their shares. Apple was off nearly 5 percent in midday trading after it reported slower than expected iPhone sales. In this case, Apple seems to be partly a victim of the rumor mill that usually serves it well. With everyone expecting the iPhone 5 later this year, with its dramatically larger screen, the iPhone 4 suddenly looks outdated. As for Netflix, its shares were down a vertiginous 25 percent in midday trading, despite swinging to a larger profit in the second quarter than analysts had projected. Subscriber growth slowed slightly, however, and the company warned that the upcoming Olympics could take a bite of subscriber growth for the third quarter as well. It also reiterated its plans to plow future profits into international expansion, which will keep a lid on GAAP earnings going forward. Lookout below.