A lousy Q1 and scary message from Synchronoss (SNCR), which handles gadget activations for companies like AT&T (T) and Time Warner Cable (TWC): The company has "materially lowered" its growth expectations for 2008 "due in large part to reduced revenues associated with the iPhone, which masks the underlying growth and momentum of the rest of our business," CEO Stephen Waldis said in the company's earnings release.