NEW YORK (TheStreet) -- After nearly six months of sideways trading, shares of Apple (AAPL - Get Report) have finally chosen a direction -- just not the one investors wanted to see. 

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. 

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However, it seems premature to call the end for China's economy and for iPhone sales in the region, Cramer said. 

Companies like Starbucks (SBUX - Get Report) and Yum! Brands (YUM - Get Report) appear to be doing just fine, while General Motors (GM - Get Report) and BMW are indeed seeing a slowdown, he added. 

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. 

At the time of publication, Cramer's Action Alerts PLUS had a long position in AAPL and GM.