On CNBC on Friday, “Mad Money” host and head of the CNBC Investing Club, Jim Cramer, says that investors have to buy Apple stock, not sell it during dips.
Cramer’s comments on Apple begin at 4:05:
MacDailyNews Take: Sound and ironic advice. Ironic because this current Apple swoon is based on a fake news story out Bloomberg this week that seemingly follows a playbook Cramer himself described quite well back in December 2006.
In a December 2006 interview, Cramer described activities used by hedge fund managers to manipulate stock prices. Cramer said, “A lot of times when I was short at my hedge fund… When I was positioned short — meaning I needed it down — I would create a level of activity beforehand that could drive the futures.”
Cramer stated that everything he did was legal, but that illegal activity is common in the hedge fund industry as well. He also stated that some hedge fund managers spread false rumors to drive a stock down: “What’s important when you are in that hedge-fund mode is to not do anything remotely truthful because the truth is so against your view, that it’s important to create a new truth, to develop a fiction.”
Cramer said that one strategy to keep a stock price down is to spread false rumors to reporters who are able to be manipulated, saying “You have to use these guys.” He also discussed giving information to “the bozo reporter from The Wall Street Journal” (this week, it was the bozo reporters from Bloomberg News) to get an article published. Cramer said this practice, although illegal, is easy to do “because the SEC doesn’t understand it.”
@technology claims Apple “upgraded its sales projections in the weeks leading up to the iPhone 14 release & some of its suppliers had started making preparations for a 7% boost in orders.”
Proof? A citation? @technology offers none. Who’s the source (& just how short were they)?
— MacDailyNews. Visit and comment @ macdailynews.com (@MacDailyNews) September 28, 2022
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