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Cook defends Apple on Cramer's show, predicts big things for China, India, Watch

"I think that is a huge over reaction look we just had actually an incredible quarter by absolute standards," says Tim Cook during an appearance on Jim Cramer's Mad Money. "What we’re seeing is that people are upgrading at a different rate a lower rate than they did last year but still higher than the year before ... the satisfaction has never been higher and the loyalty rates have never been higher." (video)

The defense comes six days after Apple (NASDAQ:AAPL) reported its FQ2 (calendar Q1) sales were down 13% Y/Y, and guided for FQ3 revenue to be down 13%-17%. It also arrives four days after Carl Icahn (once set a $240 Apple target and predicted $37.5B in FY17 sales for an Apple TV set that doesn't yet exist) disclosed he had liquidated his Apple position.

Following a Q1 in which...