Billionaire investor Carl Icahn told CNBC that he sold his entire apple position, TheStreet TV Rhonda Schaffler reports in the above video.
Updated from 3:22 p.m. EDT
NEW YORK (TheStreet) -- Apple (AAPL - Get Report) stock closed down by 3.08% to $94.81 on heavy trading volume on Thursday, as billionaire Carl Icahn told CNBC that he has sold his position in the company.
Icahn previously owned nearly 1% of Apple's outstanding shares.
Icahn's decision to sell his position was largely influenced by China's cautious attitude toward the company.
"You worry a little bit - and maybe more than a little - about China's attitude," Icahn told CNBC, later mentioning that China's government could "come in and make it very difficult for Apple to sell there... you can do pretty much what you want there."
But Icahn remains optimistic about the company's future, especially if China steadies.
"I think they have the opportunity to go into many things, and I think they'll be successful," he told CNBC. "I would tell you if I think something's wrong. I hope one day to get back into [AAPL]."
Additionally, the iPhone maker reported on Tuesday that second-quarter revenue declined for the first time since 2003 as iPhone sales dropped for the first time ever.
In all, the company reported earnings of $1.90 per share on revenue of $50.56 billion for the quarter. Analysts were looking for earnings of $2 per share on revenue of $51.97 billion.
About 81.64 million shares of Apple were traded today, well above the company's average trading volume of roughly 36.01 million shares per day.
(Apple is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holdings here.)
Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of A-.
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 outweigh the fact that the company has had sub par growth in net income.
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.