Apple (NASDAQ:AAPL) had a horrible week after earnings. However, Jim Cramer is not ready to recommend selling the stock. Bears are obviously framing the perception of Apple, but Jim isn’t ready to declare the stock dead.
“Without Steve Jobs, Apple is just another stock, it’s not magical anymore,” Cramer said on CNBC. “But that’s okay. Just because it isn’t magical doesn’t mean it’s automatically a loser, especially considering how cheap the stock has become after this shellacking.”
Apple fell to $439.88 to close the week after announcing earnings results that fell short of investor expectations. Although Apple reported record iPhone and iPad sales in the quarter, both revenue as well as earnings growth slowed, suggesting that Apple was finally becoming ‘normal.’
According to Cramer, with Apple clearly off its pedestal as the stock you couldn’t go wrong with, emotionally invested bears are refusing to hear out the argument that the company isn’t quite doomed.