“Apple proved Wall Street analysts wrong when it released earnings results that showed its quarterly profits had nearly doubled, while its revenue easily topped expectations, Jim Cramer said Wednesday on CNBC’s ‘Mad Money,'” Drew Sandholm reports for CNBC.
“Thanks to Apple’s blowout earnings, its stock surged almost 9 percent to finish at $610 a share. Apple is nearly 6 percent away from its all-time high of $644 a share. The stock sold off 11 percent going into the release, though, due to a barrage of “awful and unhelpful” commentary from the Wall Street analyst community, Cramer said,” Sandholm reports. “‘Wall Street analysts don’t exactly have a sterling track record, but this, this was perhaps the biggest screw-up we’ve seen with a high profile stock in ages,’ he complained.”
MacDailyNews Take: Yeah, right. It was a “screw up.” A planned “screw up.” Talking down AAPL in order to hop aboard for the ride up is the ruse everyone with at least half a brain knows. As we’ve written frequently, as recently as January:
AAPL is like a buoy. Quick, it’s back on the surface! You there, analyst, and you, too, swim down and tug on the chain! Drag it under.. lower, lower… good! Now, quick, everybody jump on, and we’ll take a ride back up to the top again!
Rinse, lather, repeat.
Sandholm reports, “To make his point, Cramer first noted that he views Apple as an investment, not a trade. Apple has an inexpensive stock that sells at a discount to many other technology stocks, Cramer said. He thinks the Cupertino, Calif.-based company has great future growth prospects, too, even despite the recent passing of Apple founder Steve Jobs… ‘I say stop listening to all of these bogus trading calls and focus on investing in Apple. That’s the only way to make money in the most important stock of our time.'”
Read more in the full article here.
MacDailyNews Take: At the most basic level, it’s extremely simple: Pump, then dump. Foment, then buy. Rinse, lather, repeat as the SEC sleeps.
Related articles:
Jim Cramer: Apple the greatest growth stock of our lives – April 10, 2012
Jim Cramer: ‘Nothing wrong with Apple; patience will be rewarded.’ – April 29, 2011
Cramer: Apple’s stock is ‘dirt cheap – nothing can stand in way of this incredible growth company’ – January 19, 2011
Cramer: Apple dip is a ‘buying opportunity’ – July 13, 2010