Apple stock rebounds by Apple CEO`s email

An email sent by Apple CEO Tim Cook (pictured) to a finance TV program host draws attention on Monday when the world share market is hit by the Chinese stock market crash. Apple is the world’s largest company by market capitalization.

Cook sent an email to Jim Cramer, the host of CNBC’s "Mad Money" to deliver his opinion over China’s economic status and Apple’s performance. The email was made public on Twitter by Cramer’s colleague. Cook said in the email, “We have continued to experience strong growth for our business in China through July and August. Growth in iPhone activations has actually accelerated over the past few weeks, and we have had the best performance of the year for the App Store in China during the last two weeks."

"Obviously I can`t predict the future, but our performance so far this quarter is reassuring. Additionally, I continue to believe that China represents an unprecedented opportunity over the long term as the growth of the middle class over the next several years will be huge," Cook added.

Cook’s email implied that Apple’s performance in China is strong and China’s economic growth will not slow down easily, which calmed Apple investors’ fears, according to the New York Times and other media. On the day, Apple’s shares plummeted to USD 92 by 13 percent from the previous day’s closing price (USD 105.76). But shares reacted to CEO Cook’s email and rebounded to USD 108.8, closing the day at USD 103.12 decreased by 2.5 percent. Business Insider analyzed that Cook’s email regained USD 64 billion in market capitalization.