Following Morgan Stanley’s estimate that Apple’s App store net revenue tumbled a record 5% last month, CNBC’s Jim Cramer has said that investors should ignore negative calls about the iPhone maker and hold onto their shares.
“The next time you hear this Apple mishegoss, you need to recognize that you’re still getting one more buying opportunity in what I consider to be the greatest stock of all time,” Cramer noted on Monday.
He continued that Apple’s suite of products is too valuable to customers for them to turn away from Apple services. While he acknowledged that there are “short-term concerns with Apple,” he maintained that investors should not sell any of their shares due to negative news.
“In the end, Apple has been a tremendous stock to own and a terrible stock to trade,” said Cramer.
Back in July Apple said that it expects less than 12% growth in services in the September quarter due to the strong dollar and macroeconomic headwinds.
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Apple stock was $175 a month ago. Today it is $144. Definitely moving in the right direction
If old Jim was any good in his market analysis and predictions he would have retired by now.