AlleyInsider reports on a new analyst report from Friedman Billings Ramsey which claims that Apple's iPhone production could fall "more than 40%" in the 4th Quarter of 2008. AlleyInsider points out this may simply represent a surplus of iPhone production from Q3 2008 and the decrease in Q4 is to adjust inventory to match demand. Another contributing factor is believed to be the recent economic downturn: The analyst bases his findings on "recent checks" on the chip industry. The news comes shortly after Apple reported record iPhone earnings capturing 2.3% of the mobile phone market. Article Link: Apple Cutting Q4 iPhone Production?