Friday, August 4, 2023 3:07 pm4 Comments

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CNBC’s Jim Cramer on Thursday repeated his advice to “own Apple, don’t trade it” on the strength of the company and the U.S. consumer.

Julie Coleman for CNBC:

When it comes to consumer behavior, Cramer cares more about market leaders Apple and Amazon which reported results after the close Thursday. Amazon reported second-quarter earnings of 65 cents per share, beating analyst estimates of 35 cents per share, posting its biggest earnings beat since its report for the fourth quarter of 2020. The company saw $134.4 billion in revenue compared with $131.5 billion expected, according to Refinitiv.

Apple, too, beat Wall Street’s predictions for earnings and sales, with quarterly revenue of $81.8 billion, topping estimates of $81.69 billion. But sales were down 1% year over year. Apple reported earnings of $1.26 per share, beating analyst estimates of $1.19, according to Refinitiv.

“How the heck can you doubt the strength of the consumer if Apple can put up such incredible numbers during a so-called off-cycle year and Amazon can shoot the lights out?” Cramer asked. “Own Apple, don’t trade it. And for heaven’s sake, buy Amazon, because their consumers are doing just fine — and their consumers are practically everyone.”

MacDailyNews Take: Apple is doing just fine.

Again, Let the doom and gloom brigade have their fun! We’ll take sub-$180 (but we’d back up the truck for sub-$170)!

Wall Street is a game. Drive it lower now to maximize profit later. Profit from the game.

Note: Apple’s fiscal third quarter, traditionally the company’s slowest quarter, totaled 91 days. Revenue totaled $81.8 billion or an average of $898.9 million per day.

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