Apple's move to buy $14 billion worth of its own stock not only got activist investor Carl Icahn off the company's back, the measure also signaled confidence in a big new product, CNBC's Jim Cramer said Tuesday.
"This is going to be [Apple CEO] Tim Cook's chance to show, 'Look people, you wrote us off as a growth stock. We have growth again,' " Cramer said on "Squawk Box." "It's one of my favorite stocks in the market."
(Read more: Is Tim Cook trying to tell you something?)
Cook disclosed the two-week long buyback spree last Thursday in an interview with The Wall Street Journal, months into Icahn's public crusade pushing Apple to use more of its $158 billion cash reserve toward repurchasing its own shares.
In late January, Apple's stock slumped after the tech giant reported disappointing growth numbers, and the company took advantage of the price decrease.