Cramer's Morning Take: Apple 5/3/24

Jim Cramer (0:01)

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

Boy, this is one of those weeks I am so glad it is over. It's been two brutal weeks. It finishes with a bang, which is what I would call a softer than expected unemployed number, the non-farm labor, with only 175,000 jobs. People thought they had 240,000 jobs. This is basically the kind of number that you need that says the Fed is doing its job.

Jeff Marks (0:31)

Yeah, the market likes the soft number. You mentioned the miss on jobs. First miss in a while, you had a negative revision as well, 22,000. Unemployment rate ticks up to 3.9, so getting close to 4 And wage growth was up, but a little bit soft, a dip year over year from versus last month.

And so in reaction, you had bond yields at first, they shot down below 4.5. I think we're kind of stabilizing a little bit higher than there.

And that generates rallies and anything tied to interest rates. So you had the Stanley Black and Decker's bounce, some high yielding stocks bounce, anything tied to financing, like solar stocks rally as well.

Jim Cramer (1:10)

So let's talk about the Stanley Black and Decker. We own this stock as part of diversified portfolio that would make it so that if we did get rates down, we would have something that is gonna react well.

Jeff Marks (1:21)

This is about 3%.

Jim Cramer (1:22)

This should be bought right here.

Because at the end of the day, I think that, well, right now, I mean, there's a lot of stock.

I do believe that there are people who just say, who wanna blow out of it thinks that, you know, it's a kind of unsteady basis because of like our people are in there. Take advantage of it. Down 13% for the year with a really good deal, it's what you buy. By the way, a Best Buy similar, that's another one that we put in because we bet that at the end of the year, the rates are gonna be lower and that's a big winner. That's gonna be a big winner too. So both of those work. Now, look, I need to talk about Apple. Because Apple's won, we have said, own, don't trade. And one of the reasons why we came up with that, very specifically, was because there are always these surveys which indicate that Apple's doing poorly here, doing poorly there. And I am saying that the surveys are almost always wrong because Apple confounds people, they move things, they don't make it all made in the same place.

Jeff Marks (2:15)

Very complex supply chain, diversified supply chain, especially now more than years past.

Yeah, and it shined through the quarter. I mean, it was a beat versus lowered expectations, but the guidance for June Strong calling for low single digit growth versus flat expect, about 1.5% expectations. And by the way, in this quarter, there was a 5 billion benefit last year for iPhone sales. So iPhone sales were actually slattish.

Jim Cramer (2:42)

Right, so it got a little bit up. Now.

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