The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.Market Insiderread more
"No U.S. drone was operating in Iranian airspace today," a U.S. Central Command spokesman said, according to NBC News.World Politicsread more
The Fed left interest rates unchanged at its monetary policy meeting. The U.S. central bank did, however, drop the word "patient " from its statement and said it would "act as...Asia Marketsread more
Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
The yield on the benchmark 10-year Treasury note fell below 2% for the first time since November 2016 on Wednesday — breaching a key psychological level.Bondsread more
As the presidents of U.S. and China near a highly anticipated meeting on trade, the gap in both sides' expectations regarding a deal remains wide.World Politicsread more
Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.The Fedread more
Meatless alternatives are on the rise, fueled by startups and companies. CNBC's Uptin Saiidi tried out 21 days as a vegetarian and explores whether this is a fad or the future...Food & Beverageread more
Amazon and Blue Origin founder Jeff Bezos gave more insight into his space company's lunar plans on Wednesday.Technologyread more
Sundar Pichai's note reads like a response to growing scrutiny from regulators, press and employees, and echoes a consistent theme of how Google helps people.Technologyread more
Delta warned travelers that a technical problem could delay flights on Wednesday.Airlinesread more
Speaking after Apple reported a third-quarter earnings beat driven by continued strength in its service stream revenue, which grew 31 percent since last year, Cramer again made the case for the company's budding razor-razorblade model.
"Given the rapid growth of that service stream, this company deserves to sell at a price-to-earnings ratio that is more like a consumer packaged goods company," he said as Apple's stock popped more than 3 percent in after-hours trading.
Cramer lamented the fact that Apple is valued like a "sturdy, cyclical industrial" at just over 17 times next year's earnings estimates. Instead, he said, it should be on par with top consumer goods stocks, which tend to trade at mid-20s multiples.
"In fact, [Apple] should be covered by the same analysts that cover a Procter & Gamble, a Clorox, a PepsiCo, a Colgate, because if it were, I could argue it should be valued at well north of $280 instead of about $200, where it is right now, " the "Mad Money" host said.
He added that if he were running the research department at a top Wall Street firm, he would take Apple off the technology analysts' lists tonight and tell the consumer products researchers to begin covering the stock.
"The organic growth of these so-called steady-eddie companies is nowhere near that of Apple," he said of the consumer packaged goods plays. "The cash return to shareholders is nowhere near that of Apple. The brand loyalty is nowhere near that of Apple. The worldwide pervasiveness is fractional versus Apple."
"That's how I could explain how the stock should have a $300 target, not a $200 target, which I think it'll eclipse tomorrow," he continued.
So as investors digest Apple's earnings win, Cramer told his viewers not to panic if they don't own shares of the iPhone maker.
"No, it is not too late to own Apple," the "Mad Money" host said. "Apple the tech stock, maybe, but Apple the consumer products company? That deserves to trade so much higher. Let's just say own it, don't trade it, and buy it if you don't."
Disclosure: Cramer's charitable trust owns shares of Apple and PepsiCo.