NEW YORK (TheStreet) -- Shares of Apple Inc. (AAPL) are slightly lower in pre-market trade after the Chinese government excluded the company's iPads and MacBook laptops from the list of products that can be bought with public money because of security concerns, according to government sources, Bloomberg reports.
Ten Apple products -- including the iPad, iPad Mini, MacBook Air and MacBook Pro -- were omitted from a final government procurement list distributed in July, according to officials.
The models were on a June version of the list drafted by the National Development and Reform Commission and Ministry of Finance, the officials told Bloomberg.
Apple is the latest U.S. technology company to be excluded from Chinese government purchases amid escalating tensions between the countries over claims of hacking and cyber spying, Bloomberg noted.
TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and solid stock price performance. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."