Orders to Apple's manufacturing partners for the second half of the year indicate iPhone shipments will grow roughly two-fold through a combination of existing iPhone 4 models and next-generation iPhone 5s, setting the company up for what's likely to be two consecutive record-breaking quarters in a row.

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Apple's orders to its Taiwanese manufacturing facilities call for the production of roughly 5 million iPads before the heart of summer rolls around, according to a new report which also praises the company for its iPhone, notebook and desktop secular growth trends.

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Shares of Apple Inc. slumped further south on Wednesday amid a weakening macroeconomic outlook and reports of additional production cuts affecting not only the company's handhelds, but also its red-hot notebook business.

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