Cramer: I would still own Apple's stock even though I expect an 'undeserved crushing'

Key Points
  • CNBC's Jim Cramer tells investors it's not worth trading the stock of Apple after the iPhone maker reported earnings that seemed to disappoint Wall Street.
  • Still, he warns that "the numbers might cause a pause in the tech rally tomorrow."
Own Apple's stock even though I expect 'undeserved crushing'

CNBC's Jim Cramer is not backing down from his "own Apple, don't trade it" maxim despite the stock's drop after earnings, in which the iPhone maker said it would stop providing results for its individual products.

"I am sure there are people who will just say, 'You know what? I have to panic and sell Apple because Apple must be turning down and it's going to be herd animals all over the place.' And all I can tell you is wait a second," Cramer, host of "Mad Money" and longtime Apple bull, said as Apple's stock lost nearly 7 percent in after-hours trading.

"Apple's ecosystem continues to grow," he continued. "I accept that the stock is going to go lower, but remember, we just had 1000 Dow points that were worth capturing even if we get what I'm regarding as an undeserved crushing of the stock of Apple tomorrow."

Cramer predicted that Apple's slide could "cause a pause in the tech rally" on Friday, and that analysts would immediately downgrade the stock on what some saw as a muted forecast.

But he wouldn't give up on "a stock that was up 30 percent coming in that reported an amazing number but was conservative and changed the way it's breaking things down," he told investors.

"Here's what I say: I would still own it. I wouldn't trade it," the "Mad Money" host said. "This may be an opportunity, particularly if it goes under $200. For those who have never bought the stock, I would start nibbling. No need to be aggressive. The market, other than the last three days, hasn't been all that welcoming of late."

Apple's fourth-quarter earnings report topped analysts' estimates for earnings per share and revenue, while iPhone sales came in lighter than expected. The average selling price of the iPhone, however, was well above expectations.

WATCH: Cramer unpacks Thursday's rally, Apple earnings

The market just got the two things it needed to rally: A 'thaw' in US-China relations and weaker economic data, Cramer says

Disclosure: Cramer's charitable trust owns shares of Apple.

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