Apple Shares Pare Loss as Cook Says China Growth Is Strong

Apple Inc.’s shares pared their loss amid a global market retreat after Chief Executive Officer Tim Cook told CNBC’s Jim Cramer the iPhone maker has seen “strong growth” in China this summer.

Cramer said he 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 -- their biggest intraday drop in five years -- before climbing after CNBC’s report. The stock had been up midday as the broader market recovered much of its loss and closed 2.5 percent lower at $103.12 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.