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.