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Squawk on the Street

Cramer's Morning Take: Apple 8/7/23

Squawk on the Street

CNBC

News, Business, Investing

4.1567 Ratings

🗓️ 7 August 2023

⏱️ 4 minutes

🧾️ Download transcript

Summary

Jim Cramer and Jeff Marks discuss Apple after its quarterly earnings showed iPhone sales fell for the third consecutive quarter. Become a CNBC Investing Club member to go behind the scenes with Jim Cramer and Jeff Marks as they talk candidly about the market’s biggest headlines. Signup here: cnbc.com/morningtake CNBC Investing Club Disclaimer

Transcript

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0:00.0

Jim Kramer here to share with you a sample of my take on the market from today's

0:06.7

CNBC Investing Club morning meeting.

0:08.4

I got to tell you something, Jim, we got a very split market.

0:11.2

The Dow wants to come back because I think the Dow basically full of industrial companies

0:15.8

that are doing quite well.

0:17.1

The NASDAQ is wavering and the NASDAQ is Apple.

0:20.2

And I have to tell you, I thought that Apple's quarter was fine.

0:23.5

It was an off-cycle quarter.

0:25.8

Everybody dumped on it.

0:27.2

It was just incredible how much people hated the stock.

0:31.5

Right.

0:31.7

And it's not done.

0:32.9

Right.

0:33.2

You pointed out a few things in your great Sunday column last night.

0:36.2

Stock had a huge run up, it was still up 40% even after Friday's declines.

0:41.3

Some estimates, perhaps they got a little bit too ahead of themselves.

0:44.3

The analysts are always very anxious to raise numbers ahead of a quarter.

0:48.3

There was a very ill-time piece that ran that said there'd be an upside surprise. Yeah.

1:13.5

And I thought that the piece might be right, but I've got to tell you, and I'm going to repeat this again and again. You don't trade it. All right. And here's why you don't trade it. Let me just tell you why I don't trade it. Okay, so it's right here. Let's say you sold it here. Would you buy it back here? would you buy it back at 1 6? How about if it stops?

1:19.1

How about if it stops at 175? So you sell it here and you buy it there? Nobody's that good.

1:27.3

Yeah. Nobody. And that's one of the reasons I've been saying, oh, and it don't sell it. Of course, you can go back to, you can go back to five if you'd like to.

1:35.0

And also history suggests that Apple outperforms the market in the time from their June quarter,

...

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