The continued sell-off in Apple (AAPL) shares on speculation about a Chinese crackdown on iPhone usage among government workers should not scare investors away from the Big Tech name. Jim Cramer said Thursday he stands by the Club’s “own it, don’t trade it” designation on Apple, which was on a two-session losing streak that wiped out more than $200 billion in market value in the stock. The selling started Wednesday after The Wall Street Journal reported that the Chinese government was telling its workers not to use iPhones or any other foreign devices at work or even bring them into the office, in a new step to reduce that country’s reliance on Western technology. Neither China nor Apple has said anything official about the report. However, if true, it’s still unclear how this would potentially impact iPhone sales in China, the world’s second-largest economy and where Apple derives 19% of its total revenue. That’s because we don’t know how many people would be prohibited under such a ban. Essentially, investors shouldn’t jump the gun because there are a lot of questions here. “If I really felt like a disaster was coming, I would suspend” our mantra of “own it, don’t trade it” on Apple stock, Jim Cramer said during the Club’s Morning Meeting on Thursday. “When I source it, I don’t get it,” he said of the reports, adding that his social media contacts in China indicate people there are still “buying Apple [iPhones] like crazy.” Jim said there were no indications of any bump in foot traffic at Huawei’s China stores. Chinese tech giant Huawei, which faces trade restrictions in America, unveiled its latest smartphone during last week’s visit to China by U.S. Commerce Secretary Gina Raimondo. “Apple is in the doghouse right now” because the Chinese government isn’t pleased with the way Raimondo’s trip went, Jim speculated Thursday afternoon. While Beijing previously restricted some Chinese officials from using iPhones, the order has apparently been broadened….
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