Cramer's Morning Take: Apple 10/18/24

Jim Cramer (0:02)

Hey, it's Cramer, and this is my morning take on the market from today's CNBC Investing Club Morning Meeting.

I have to tell you that there's sometimes at the end of these big weeks, there's kind of almost an ennui, an exhaustion. And I'm seeing it today because there's some really big news. I mean, Netflix was fabulous. We'll talk about Apple in a second. Rock Express was bad. But in reality, it wasn't bad. It's just kind of like, we're like, I can't take it anymore. That's when you have to steal yourself. There are great opportunities happening right now from people who are just throwing things away because of the tenure. And I get that because tenure is really important. But I urge people to think when you have oil down, when you have retail sales up but not based on price, that's a nirvana moment. So don't be afraid to stick your neck out and buy something here. And I know we're overbought.

Jeff Marks (0:50)

We're getting close to overbought. I mean, it's been six straight weeks in the S&P, six straight weeks of gains. So it's been a fantastic run. You're going to get into the heart of earnings season next couple of weeks. I mean, look, a little sluggish today. Yesterday, you had a big up open. At the end of the day, S&P finished a little bit lower. So I think some of that's happening. But you mentioned Apple. Really good story today. There's this data from Counterpoint Research, which they provided to Bloomberg News. iPhone 16 sales in China up 20% in the first three weeks versus the 23 model. So it's obviously very big. China has been a point of frustration for investors, I would say. And it also comes at the same time. Remember, Apple launched their new phone the same day as Huawei. So it is a good sign of them not seeding share in China. You know, it's funny, you had earlier in the week, I think it was earlier this week, you had Evercore tactical buy on Apple.

Jim Cramer (1:52)

Yes.

Jeff Marks (1:52)

And maybe the next day you had someone come out negative about Apple. So we're just kind of in this back and forth, but in the meantime, you know, stock is sitting around the all-time high.

Jim Cramer (2:01)

Well, I think that there's not all stimuli are created equal. The one stimulus that the Chinese are using is to encourage and offer liquidity to people who are to buy stock. Okay. So then you have to figure out, okay, what's the proclivity of the person who buys stock? Well, it might be to have prestige and buy the iPhone. So I was very encouraged by those numbers, and I think the stock goes higher.

Jeff Marks (2:25)

Yeah, no, and it would be a good sign, too, for some other semiconductors as well. You know, Broadcom has some of those chips.

Jim Cramer (2:33)

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SPEAKER_3 (2:46)

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