CEO Tim Cook posted an apology on Apple's (AAPL) Chinese website over its warranty policy in China. Customers and the media had been complaining that its warranty policy in China was unfair vs. other policies it has around the world. Cook said the company would be changing its warranty policy in China and customers there would now get a clearer version of its repair and warranty policy. The company will improve training for store workers and customers with a 1-year warranty will get new devices, not just part replacement. Shares fell 3.1% to 428.91.
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