Updated from 9:17 a.m. EDT
NEW YORK (TheStreet) -- Shares of Apple (AAPL) - Get Apple Inc. (AAPL) Report are falling by 2.02% to $95.58 in mid-morning trading on Friday after Beijing's intellectual property regulator halted sales of the iPhone 6 and iPhone 6 Plus, claiming that the products infringe on Chinese patents, the Wall Street Journal reports.
Apple is appealing the ruling.
"We appealed an administrative order from a regional patent tribunal in Beijing last month and as a result the order has been stayed pending review by the Beijing IP Court," Apple said in a statement, according to CNBC.com.
The Journal added that some stores stopped selling the models months ago and Apple will soon cease production of the banned models, but sources told CNBC that all Apple products are currently for sale in China.
TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning that he received confirmation Apple doesn't expect any disruption to business. "It would only be Beijing," Cramer added.
The Beijing Intellectual Property Bureau claims that the two iPhone models infringe on a Chinese patent for exterior design held by Shenzhen Baili for its 100C smartphone, according to the Journal.
The regulator's decision is Apple's latest setback in China, the company's largest market outside the U.S. Earlier this year, billionaire investor Carl Icahn sold his position in Apple due to the country's attitude toward the iPhone maker, according to CNBC.
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Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.
Apple's strengths such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins. We feel its strengths outweigh the fact that the company shows weak operating cash flow.
You can view the full analysis from the report here: AAPL
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.