Update: the Official name of the iPad 3 is ... "The New iPad" - probably means "Awesome Table Thingy" was taken by another Chinese maker.

AAPL just went red for the day and we note NFLX is also down 2.5% now on the day, as business models proceed to start cannibalizing each other in a world in which consumer cash is actually, gasp, finite. In other news we expect the formal name of the iPad 3 to be revealed as "iECB Collateral" in which case watch as the stock price soars and the company's market cap moves to match the ECB's $4 trillion balance sheet once Europe's taxpayers are forced to bailout not only Greece but the biggest hedge fund hotel of all time. That. Or wait until the Bank of iSrael to lift all offers all the way through the iNBBO. One thing is certain, however: due to its edibility, the iPad3 will surely be sterilized.