NEW YORK (TheStreet) -- Shares of Apple (AAPL) are retreating by 0.5% to $93.16 on Thursday morning, as the tech giant lost a case for the use of the "iPhone" trademark on leather goods in China, Reuters reports, citing state media.
The Beijing Municipal High People's Court ruled against the Cupertino, CA-based company in favor of local firm Xintong Tiandi.
The court said the firm can continue to use the phrase "iPhone" on its leather products, the official newspaper of China's Justice Ministry the Legal Daily said.
"We intend to request a retrial with the Supreme People's Court and will continue to vigorously protect our trademark rights," Apple said in a statement cited by Reuters.
Separately, India rejected Apple's plan to import used iPhones into the country.
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Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins.
The team feels its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, 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 articles's author.