The stock is down 15% from its highs and investors are linking the decline in the Chinese stock market to a decline in iPhone sales, according to TheStreet's Jim Cramer.
On CNBC's "Mad Dash" segment, Cramer, the co-manager of the Action Alerts PLUS portfolio, acknowledged that Apple, an AAP holding, will not give clarity on its iPhone sales in China in between earnings reports.
However, it seems premature to call the end for China's economy and for iPhone sales in the region, Cramer said.
If Apple is seeing a decline in Chinese sales, the bears seem to overestimating the hit. If mobile app downloads in the country say anything, the negative news is being blown out of proportion, Cramer concluded.