Jim Cramer took a look at some of the top headlines from Monday, Dec. 10.
Apple (AAPL) - Get Report Gets Bruised Again
The iPhone maker took another beating in the market Monday morning after a Chinese court granted an injunction that could potentially limit the sales of iPhones into the world's biggest smartphone market.
TheStreet's Martin Baccardax covered the news.
Apple is reportedly arguing that the patent issues only apply to iPhones that shipped with operating systems prior to the current iOS12; therefore, it claims that all its phones being sold currently in China do not violate the patent.
Wedbush analyst Daniel Ives said in a note on Monday morning that the impact of the ruling should be fairly limited, but that the news comes out an inopportune time for Apple, with concerns about slowing iPhone sales in general and about the brewing trade war between the U.S. and China.
"While the headlines are concerning regarding this latest China court ruling we believe the models involved are related to 10%-15% of sales potentially impacted in the region related to older versions," Ives wrote. "According to Apple's statement there should be no disruption to the models Chinese consumers can purchase, although this remains up in the air given the mixed messages and reports coming out of China this morning."
Cramer weighed in on what the injunction could mean for Apple.
Elon Musk Doesn't Respect the SEC
TheStreet's Martin Baccardax also reported that Musk said it was "not realistic" to think new chairwoman Robyn Denholm, who replaced Musk in October as part of a multi-million settlement with the U.S. Securities and Exchange Commission, could hold him to account as group CEO. He also said his Twitter account, the catalyst for both the stock's recent volatility and the ultimate SEC settlement, was not being monitored by company executives.
"It's not realistic in the sense that I am the largest shareholder in the company," Musk said when asked if his role in the company he founded would be subject to oversight from Denholm. "I can just call for a shareholder vote and get anything done that I want."
Musk also noted that his Tweets are only reviewed by the company if there is a "probability of causing a movement in the stock," adding "I want to be clear. I do not respect the SEC."
Cramer said that the comments that Musk made about the SEC is an "above the law reference."