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Apple shares rebound as Cook says China growth remains strong
[NEW YORK] Apple Inc's shares rebounded amid a global market retreat after Chief Executive Officer Tim Cook told CNBC the iPhone maker has seen "strong growth" in China this summer.
CNBC received an e-mail from Cook saying iPhone activations have accelerated in China in recent weeks and the country "represents an unprecedented opportunity over the long term." An Apple representative confirmed the e-mail.
Shares of the Cupertino, California-based company fell as much as 13 percent early Monday, marking their biggest intraday drop in five years, before bouncing back after CNBC's report. The stock rose less than 1 percent to $106.50 at 11:45 a.m. in New York.
Daniel Ives, an analyst at FBR & Co., maintained his outperform rating on Apple stock, citing the coming iPhone 6S and a "$100 billion market opportunity" over the next three years in China.
"Apple is a uniquely compelling name to buy in this hurricane-like market downdraft this morning," Ives wrote in a note to investors.