The iPhone maker was getting bruised 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 (AAPL) - Get Report 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.
Apple is Real Money's stock of the day.