Steve Jobs’ unveiling Monday of the new 3G Apple iPhone brought yet another wave of enthusiasm for the company and its consumer-friendly technologies. The announcement won’t do much for the stock, though.
Cramer has been saying all along that Apple shareholders should be selling their positions piecemeal in the run-up to the new iPhone launch. Everything Wall Street could have expected from the new product – lower price point, faster processor – has already been priced in. With no new data points to animate the stock, it’s time to take profits.