Banc of America today lowered its earnings estimate on Apple to 2 cents per share on revenues of $1.5 billion after the company said that its fiscal first-quarter results would show a slight revenue increase from the quarter just ended and a slight profit. “Both are well below what we were expecting. We had projected a 14 percent quarter over quarter increase in revenue with earnings per share of 7 cents,” said analyst Joel Wagonfeld. Banc of America also lowered its fiscal year earnings per share estimate to 23 cents from 38 cents.