Apple, Inc. AAPL reported better-than-expected second-quarter results on Thursday, helping to lift the market on Friday after four consecutive sessions of losses.
What Happened: Following the news, Jim Cramer tweeted on Friday, “Apple: Own it Don’t Trade it.” He also revealed that his patience with the company worked this past week, according to CNBC.
The “Mad Money” host previously flagged four main challenges for the market this week, including Wednesday’s Fed meeting, Friday’s job report, the debt ceiling and Apple earnings.
“I refuse to be shaken out of the world’s best company by one errant component supplier or a couple of joker-brokers who say, ‘Hey, things have gotten weaker,'” Cramer said in reference to the setback Apple experienced late last year when its main iPhone assembler Hon Hai Precision Manufacturing Company Limited HNHPF, otherwise known as Foxconn, faced production disruption at its main iPhone factory.
“It was a classic misdirection play, and I hope you didn’t fall for it,” Cramer added.
Why It’s Important: Twitter users had a field day with Cramer’s tweet on Friday. Given the television personality and former hedge fund manager’s history of making bets that eventually go awry, one user shared a meme of a person with a hopeless expression and a caption saying, “Your entire life savings is in Apple and Jim just said to own it.”
Notwithstanding the public criticism Cramer has received for his takes, Apple is considered a solid investment bet and fairly recession-resistant.
In a note on Thursday, Deepwater Asset Management’s Gene Munster wrote, “Over the next five years, I expect investors will increasingly see Apple as a can’t-live-without consumer-staples company.”