The fog of a Black Monday (for stock markets) had reached the U.S. markets all the way from China and had refused to spare even the tech giants of Silicon Valley. The stocks of Apple, Google, Twitter, and Facebook saw a fall, mirroring the case of China’s scenario.
Overall, the the US stock market registered a decline of 1000 points as it opened on Monday.
The lowest among the lot was Twitter whose stocks nose dived to 17.2 percent, followed by its social networking foe Facebook, whose stocks fell by 12.6 percent. Apple, which has had an impressive iPhone sales run in China was not spared either as its stocks went down by 11 percent, while Google was the better of the lot as its stocks tumbled to 7.9 percent.
With this immediate concern in mind, Apple CEO Tim Cook shot an email response to CNBC news anchor Jim Cramer, pretty much being the ‘Harvey Spector’ of sorts. In the note Cook mentioned that he gets regular updates about sales of Apple products in the Chinese market and he can say that its all looking fine for the company.
With that said, China means more to Apple than any other European nation as it manufactures most of its products in the nation, which also happens to be its second-largest market.
Cook added that Apple is continuing its impressive growth in China, spearheaded by the exceptional sales of its iPhones. Brushing aside the fall, Cook clarified that Apple has registered a continual growth rate in China for the last few weeks and will continue to do so despite the tremors felt in the market yesterday.
Following the mail sent by Cook, Apple’s stock slowly picked up towards the green and even helped the Nasdaq get out of the quick sand. Cook’s response was, however, against the regulations of the market as he had disclosed a sensitive information to the media, well before its intended time.
Cook though was informed of this and stated in the letter that he was just trying to clear the doubts in the minds of the investors.
Well, the letter certainly seems to have cleared all the doubts in the minds of its investors Apple eventually ended with 2% in green, to close in at $103.15 from the low of $92 when the markets opened on Monday.