When Cramer reviewed the latest quarter from Apple, it was clear that the company finally took control of its narrative. This isn't just a device maker, he said. Apple's service stream revenue makes it something much larger. It's a software and subscription company, and investors have finally figured that out.
"What has dogged Apple's stock for ages, what has kept its share price so low, at least in terms of its valuation, is the 'Blackberry-ization' issue. The notion that in the end, the iPhone is just a device and device companies eventually get wasted as Blackberry did," Cramer said.
For the last two years Apple has struggled to explain why its service revenue stream business is so important. As a result, investors did not take it seriously.
This time, it made it clear that its service stream is growing, and it was time to recognize it. Apple's service revenue encompasses 150 million people paying every month, both directly and indirectly, and the company expects it will double in four years.
A little over a year ago, local television station operator formerly known as Nexstar Broadcasting Group announced it would buy Media General for $4.6 billion, becoming the nation's No. 2 largest broadcaster.
Last month the company finally received approval from the FCC and closed the deal, changing its name to Nexstar Media Group. It is now the second largest local affiliate for networks like NBC, ABC, CBS and Fox. As a result, the stock is now up 53 percent in the last year.
Cramer spoke with Nexstar's chairman and CEO Perry Sook, who said the company is still tied to its local roots, with half of the money it makes coming from local news broadcasts.
"At our core we are a local service business. We produce local content, we help local businesses sell stuff, and that is our reason to exist," Sook said.