Jim Cramer is hearing the phrase "tech wreck" everywhere as the vicious bear has now sunk its claws into technology stocks.
"Don't get caught up in the notion of a tech wreck. If a company sells into the cloud or the internet of things, then it is doing well. If management delivers better revenues with controlled costs, shareholders will prosper," the "Mad Money" host said.
Three major tech names were hit hard following earnings recently: Apple, Microsoft and Alphabet. However, unlike biotech, banking and oil stocks, technology is not homogenized. Cramer analyzed each one as a different animal.
Apple was the toughest of all. In fact, Cramer thinks Wall Street could be looking at Apple all wrong.
"I think it is a total victim of its own success, with a phone issued last year that sold at unsustainably large numbers," Cramer said.
Cramer suspects that Apple's management didn't realize how strong the iPhone 6 was, especially in China, so it didn't know how to properly plan for what would happen next.
While Cramer loved the dividend and the growing service revenue stream reported, it cannot support the stock at these levels. He thinks the stock needs more negativity, and the company to produce more products it can charge services for without turning off customers.
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"Right here Apple is too cheap to sell, but not cheap enough to buy more. If you own it, just hold it. If you don't own it, wait for more downgrades and believe, like I do, that management can pull all those things off and then some," Cramer said.
Microsoft underwent a difficult transition in the past year, much different than Apple. CEO Satya Nadella inherited the business when it was widely viewed as a play on P.C.s and enterprise software. He undertook the goal to transform the company into a cloud company and recruited initial skeptics of the idea into believers.
When Microsoft reported a weak quarter last week, the initiative was once again called into question.
"There are no easy answers shy of Nadella acquiring Salesforce.com to get the cloud growing rapidly again, something that would be a much better use of Microsoft's cash than the buyback," Cramer said.
As the stock now attempts to stabilize, Cramer fears that unless Nadella does deals or re-accelerates the cloud on its own, the stock will remain stalled.
Google also posed a confusing problem. The quarter was less than stellar, but Cramer doesn't consider it to be a no-growth story. It's a higher growth story, and he thinks the stock should be given respect in the form of a higher price to earnings multiple.
Currently Alphabet trades only at a slight premium to the average stock in the S&P 500.
Cramer recommended buying Alphabet on the way down, especially since it dipped below $700 Wednesday.
"I'm calling this one a one-off disappointment, not a wreck," Cramer said.