Update: After ramping aggressively off the lows - as CNBC, most notably Cramer, pumped the shit out of it - AAPL has told Reuters and Jim Cramer that they have filed an appeal request for the Chinese court to reconsider the ban on the sale of some iPhone models in China.
By doing so, they are admitting that this is material - something they are earlier denied.
AAPL shares are not moving on the news having been ramped to unch...
How did Cramer get the news so quickly? What we do know is he was quick to assert that " if you sold AAPL on this, it was probably a mistake!"
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In what many will see as a retaliatory move against the arrest of Huawei's CFO, a Chinese court has ruled in favor of Qualcomm, against Apple, banning the sale of some iPhone models across China.
Bloomberg reports that the Fuzhou Intermediate People’s Court ruled that Apple is infringing on two Qualcomm patents and issued injunctions against the sale of the iPhone 6S, iPhone 6S Plus, iPhone 7, iPhone 7 Plus, iPhone 8, iPhone 8 Plus and iPhone X, the San Diego, California-based chipmaker said in a statement Monday.
“We deeply value our relationships with customers, rarely resorting to the courts for assistance, but we also have an abiding belief in the need to protect intellectual property rights,” said Don Rosenberg, executive vice president and general counsel, Qualcomm Incorporated.
“Apple continues to benefit from our intellectual property while refusing to compensate us. These Court orders are further confirmation of the strength of Qualcomm’s vast patent portfolio.”
Apple strongly disagrees that this is a problem:
"Qualcomm's effort to ban our products is another desperate move by a company whose illegal practices are under investigation by regulators around the world," Apple said in a statement.
"All iPhone models remain available for our customers in China. Qualcomm is asserting three patents they had never raised before, including one which has already been invalidated. We will pursue all our legal options through the courts."
The order stops the selling of iPhones 6 through X, but the import and sales ban didn't appear to include Apple's newest devices - the XS, XS Max and XR - because those weren't on the market when the patent case was filed.
But, AAPL share price is down on the news...
And QCOM is up:
We wonder if this will affect the outcome of Meng's bail hearing today?