Apple Reported To Nix Developing Self-Driving Cars

Shares of Apple  (AAPL) - Get Report were lower Monday after the tech giant was reported to be reconsidering jumping into the burgeoning industry for self-driving cars. According to The New York Times, Apple has already laid off dozens of employees and closed parts of the Titan project it had started to devote to self-driving cars. Meanwhile, analysts with Trefis said in a recent note that the most recent version of the Apple Watch, the Series 2, will unlikely 'move the needle' in Apple's push into wearables. Apple stock is a holding of Jim Cramer's Action Alerts PLUS charitable trust.

Employees of TheStreet are restricted from owning individual securities.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long Apple stock.