We knew Apple’s China market wasn’t great. But a new report Tuesday reveals demand is even worse than imagined as shares tumble to fourth-month lows. But, history has shown that the tech giant has been able to get out of these rough patches before — even if there’s still some more pain to go. Shares of Apple closed down 2.8% to just above $170 each Tuesday — marking their seventh down day in the past eight sessions and taking the broader stock market down with them. Jim Cramer said the stock could fall another 5% to $160 in its current run of bad form. However, he has no plans to reduce the Club’s shares beyond the small trim on Jan. 2 to right-size a position that got too big following last year’s surge. Jim also maintained his “own it, don’t trade it” Apple mantra because the stock is “one of the greatest performers of all times.” AAPL 5Y mountain Apple 5 years Apple extended its decline into Tuesday after data showed iPhone sales in China experienced a double-digit percentage drop at the start of the year. Sales for the flagship device in China plummeted 24% in the first six weeks of 2024, according to Counterpoint Research . The report cited stiffening competition from lower-cost domestic smartphone makers, such as Vivo, Oppo and Xiaomi, as well as Chinese tech giant Huawei, which recently re-entered the market for higher-end devices. “There are periods where you have to suffer through,” Jim said, arguing Apple’s drop has been more of a trading lull rather than a sign of weak company fundamentals. “You have to wait it out.” This is not the first time we’ve heard concerns about Apple’s business in the world’s second-largest economy and a market that accounts for roughly 20% of overall sales. Major third-party Chinese retailers have been offering steep discounts on iPhone 15s in a bid to spur waning demand for the latest iteration of the device. Even worse, the deals come less than six months after launch. “The biggest problem with Apple is that they’re…
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