CNBC’s Jim Cramer called Apple the “JC Penney of tech” today in his analysis of the company’s plummeting stock price.
Cramer was being sarcastic, poking fun at all the gloom-and-doom Apple headlines we’ve been seeing recently, but the segment does highlight some of the recent troubles with the company’s stock price.
Today, Apple received a downgrade from Goldman Sachs. Cramer’s argument is that downgrades like that will continue until the stock bottoms out and restarts.
Yesterday, Apple CEO Tim Cook apologized to Chinese state media for not being more clear about the company’s warranty policy. (The Chinese media have been blasting Apple over the last week on the issue.) Many saw Cook’s apology as a wimpy move, but Cramer’s argument is that Apple realises the importance of China in the future.
Here’s the video: