Cramer: Apple’s, Amazon’s, and Facebook’s quarters kickstarted this market rally

“One month ago, the market looked to CNBC’s Jim Cramer like it was riddled with fear and volatility. But three recent earnings reports changed the whole landscape,” Elizabeth Gurdus reports for CNBC. “‘It all started with three days in tech,’ the ‘Mad Money’ host said on Thursday. ‘Facebook, Amazon and Apple reported and everything began to turn around.'”

“On May 1, Apple’s earnings report brought it home with higher than expected results, a strong China business and a $100 billion share buyback — ‘the biggest surprise of all,’ Cramer said,” Gurdus reports. “‘The numbers here were outstanding,’ he continued. ‘Just like we saw with Facebook and Amazon, the negative rap on Apple turned out to be bogus.'”

This rally is about converting the unbelievers. As the bears became bulls, this market suddenly got its mojo back. Now the real fear on Wall Street is not of losing money. Instead, they’re #FOMO, afraid of missing out on the rally, and without any big earnings reports on the horizon, you can’t blame the skeptics for changing their minds. When the bulls stampede, you either join the rush or you get trampled. – Jim Cramer

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MacDailyNews Take: Booyah!


  1. Apple’s doing pretty well but Wall Street is betting heavily on Amazon to take Apple down. The general consensus is Apple doesn’t deserve to be on top of the heap. Jeff Bezos is proving a CEO god and can do no wrong. Tim Cook has never been considered as being in Jeff Bezos’ league. Jeff Bezos is now the most powerful man in America which makes him more powerful than POTUS and certainly much wealthier. I believe Amazon’s shareholders will be quite happy to pay $2100 a share to put Amazon’s market cap over $1T to prove the point Amazon is stronger than Apple. It’s likely Amazon’s P/E might touch around 350 at that point.

    I’m somewhat surprised Apple’s share price has stayed up this high after talk about Apple shares being overbought and ready for a correction. Oh, well. Wonders never cease. It’s OK if Apple’s stock takes a dip as long as that buyback plan is active. Also, it will give Buffett another chance to buy more Apple stock if it takes a dip. It’s a win-win situation for Apple shareholders. I’m uncertain investors are in that much of a hurry to pay $198 a pop to see Apple reach a market cap of $1T. There’s really not much point except for some useless bragging rights of which company gets there first.

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