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Cramer Remix: What history's taught us about Apple

Jim Cramer always says that Apple's stock should be owned, not traded.

That strategy came under fire when the company reported what many investors viewed as a not-so-hot quarter. The stock tension worsened when noted investor Carl Icahn confirmed that he had closed his position on the stock.

"We need to remember that every time people have written off Apple in the last 15 years, it has been a mistake," the "Mad Money" host said.

In an interview with Cook, Cramer noted a disconnect between the popularity of Apple products and stories in the media that claim "Apple is dead."

"I think that's a huge overreaction," Cook said. (Tweet This)

In reporting earnings last week, Apple posted quarterly revenues of $50.6 billion and $10.5 billion in quarterly net income. This was compared with $58 billion and $13.6 billion last year.

"To put that in perspective, the $10 billion is more than any other company makes. So, it was a pretty good quarter, but not up to the Street's expectations, clearly," Cook said.

Read MoreTim Cook: The most important thing for Apple long term

Tim Cook
Tim Cook

The question of short term versus long term is one that Cramer frequently wrestles with when it comes to investing.

That was exactly what came to mind when he compared the views of big-name hedge fund manager Icahn versus Warren Buffett's recent commentary on investing in America through stocks.

"You can't help but wonder if these two guys are even speaking the same language," Cramer said.

The reality is that a hedge fund manager who competes against the rest of the industry for money doesn't have the luxury of taking a Buffett-style long view. The goal is to produce strong performance quarter after quarter.

"A successful investor needs to know more than just the product and the financials, you need to know the story and how long it will take to play out and whether you can afford to wait," Cramer said.

Mark Sutton, CEO, International Paper
Justin Solomon | CNBC
Mark Sutton, CEO, International Paper

Cramer thought the story behind Newell-Rubbermaid was one of the strongest ones out there. Then it got even better when the company announced its acquisition of Jarden.

Jarden is the roost for more than 100 consumer brands. The deal was designed to create a true consumer products and household goods titan. The deal closed April 15, and since that time, the stock has risen more than 6 percent.

Cramer spoke with Newell Brands CEO Michael Polk to find out the current status of the newly combined company.

"We have hit the ground running … We are coming together, we are getting to know each other and we are looking for all of the opportunities that we can tap to breathe life into the upside of this combination," Polk said.

After spending ages in purgatory, cyclical stocks have suddenly come back to life. This group of stocks can be volatile, as they are extremely sensitive to the health of the global economy.

International Paper is the No. 1 maker of corrugated packaging in North America and the lead producer of coated paperboard and uncoated fresheet. This kind of packaging can be a key building block to GDP growth, which means they will do better when economies around the world are on the mend.

The stock was hit hard last year; falling almost 30 percent in 2015, because some of its key end markets like Brazil and Russia were in free fall. Lately, Cramer has had the sense that the business has hit its trough and could be improving.

Cramer spoke with International Paper's CEO Mark Sutton, who confirmed his optimistic outlook.

"Our business is good. The acquisition of Weyerhaeuser business will make our business great," Sutton said.

In the Lightning Round, Cramer gave his take on a few caller-favorite stocks:

Xerox: "I thought the stock was oversold after the quarter. It wasn't that bad. I'm a buyer of Xerox."

Intra-Cellular Therapies: "Way too risky for this guy! Come on, let's focus."