Apple Inc. (NASDAQ: AAPL) has declined for eight consecutive days -- its worst stretch since 1998. The company's CEO joined Jim Cramer on CNBC's "Mad Money" to alleviate concerns about the Cupertino-based tech giant when he was asked about the company's presence in China.
A lack of commentary on China's middle class in the last two conference calls is something that's concerned some investors, Cramer explained, adding that he parsed through every detail of the transcripts and couldn't find any discussion. China was been a consistent area of expansion for Apple over the past year, notching near 100 percent YoY growth for four consecutive quarters in FY2015.
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When asked about his lack of discussion on China of late, he admitted, "it's my error." Cook said China's middle class has grown from 50 million to 500 million in a matter of years, unprecedented economic growth.
Cramer, lastly, asked Cook about any future innovation at Apple. "We're extremely excited about what we're working on," he said, before saying that Apple is very secretive about its future projects. Cook did reiterate he thought the Apple Watch can still be a game-changer, explaining he believes investors will look back and ask how consumers could have ever lived without the wearable device.
Apple stock is nearly flat in Monday's after-hours session, near $93.77.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.