Cramer: Apple Mistreats Shareholders—Who Cares?
Cramer would never excuse Steve Jobs’ approach to public relations, he said during Thursday’s Stop Trading!, but he’s much more focused on the CEO’s execution. And on that point, the Apple co-founder is nearly flawless.
Both the media and Apple devotees seem to have bristled at the way the company has handled what are now well-known problems with the new iPhone 4’s antenna: The signal is spotty depending on the way the user holds the handset. Well, to address the issue, Apple is holding a press conference on Friday at 1PM ET – but neither consumers nor shareholders will be allowed to see it live.
Cramer said he wasn’t surprised at all, that Apple is synonymous with message control. He went so far as to call the company almost “Nixonian,” saying it gives the impression it will “exact retribution if you go against them.” But in the end he’s not concerned with that so much as the fact that “they make you money.” And there are plenty of shareholder-friendly companies that don’t.
“I think Apple’s putting out the greatest possible product in the world. It’s the greatest manufacturer in the world. And if they don’t even want to hold a press conference, it’s fine with me.”
Would a mea culpa make for some great PR? Sure, Cramer said, but “I am simply saying that Apple has produced … one of the greatest runs in stock-market history, so I’m giving them more than a dollop of grace.”
Besides, he continued, “I don’t think there are that many people who are complaining. There’s been very few returns.”
Cramer said that his understanding was that this antenna was tested internally, “and it was better than any of their other products.”
He reiterated his buy call on the stock, telling viewers to use this weakness to pick up some AAPL.
Cramer also defended JPMorgan Chase’s earnings today, which was released this morning. He called the quarter “good” and said the stock’s decline today was “absolutely” a buying opportunity.
When this story published, Cramer’s charitable trust owned Apple and JPMorgan Chase.
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