“Shares of Apple were slightly lower in mid-morning trading Monday, after the company publicly acknowledged its self-driving car efforts for the first time last week in a letter to the head of the National Highway Traffic Safety Administration,” Natalie Walters reports for TheStreet. “People are pleased with this venture because it means the company is diversifying, TheStreet‘s Jim Cramer said on CNBC’s ‘Mad Dash’ segment.”
“‘Apple’s car issue is something that people want to see because it has so little to do with the phone,’ Cramer said. The tech giant has been criticized for relying too heavily on iPhone sales and not being as innovative as it was under its former CEO, the late Steve Jobs,” Walters reports. “Just today UBS analyst Steve Milunovich put out a note out stating that while Apple’s share was ‘good all over the globe,’ it’s losing some share in China, Cramer noted. That’s one of the reasons Apple needs to move away from ‘just mobile.’”
“This stock could also be affected by changing relations with China under President-elect Donald Trump’s administration, Cramer said,” Walters reports. “‘I still find that this is an area that you could easily relate a tweet about China from Trump to this stock and say, you know what, I’m going to pay a lower multiple for it.’”
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