The Business Roundtable, led by Jamie Dimon, gives a new definition of the "purpose of a corporation."Marketsread more
Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recession.US Marketsread more
Powell will have the opportunity if not to walk back the "midcycle" assessment then to at least provide some further explanation about what it means.Economyread more
Twitter and Facebook have suspended numerous accounts that are believed to be tied to a state-backed information campaign originating from inside China.Technologyread more
Leaked documents from Google give fresh ammo to conservative lawmakers who have already accused Google and other tech companies of political bias.Technologyread more
J.P. Morgan estimates the average annual tariff cost per household will be $1,000 with the new round of Trump's tariffs.Marketsread more
Stasior left Apple earlier this year. Prior to his time in charge of Siri, he was a top executive at Amazon.Technologyread more
Sequoia's Michael Moritz says that direct listings worked for Spotify and Slack and will become more common for companies with "courage and intelligence."Technologyread more
Shares of embattled utility PG&E plummeted after a judge ruled that a jury can decided whether it should pay up to $18 billion in damages.Marketsread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
Since its IPO 15 years ago, Google has become more and more powerful. Today, that power is being highly scrutinized.Technologyread more
The low expectations surrounding the new Goldman Sachs-linked credit card that Apple plans to roll out is good news for both stocks, CNBC's Jim Cramer said Thursday.
Apple's new TV platform, which will be a key component of the tech giant's fledgling services businesses, has made the most noise, but the credit card will be the winner even though it didn't impress the technology and financial technology analysts, he said.
No expectations are the best kind of expectations, Cramer added.
"Now we just need to wait for the analysts to plug this card into their models, although admittedly that could take a while," the "Mad Money" host said. "But I bet, even though Goldman's a bank stock, I don't think its gonna go lower much lower, it can go higher. And Apple: I say own it, don't trade it."
Cramer is a former Goldman Sachs stockbroker.
Goldman Sachs wants to diversify from its legacy business and offer more lending through credit cards and to small businesses, Cramer said. He said the bank wants to mirror American Express, "but with higher fees that are a fact of life for these high-end charge cards."
This deal is "found money" for Apple, who has a wide reach, because the investment bank will take on all the risk, he added. Additionally, it offers instant cash back.
"Is it enough for you to switch to Apple's card if you're on another ecosystem? Why not? I just did," Cramer said. "If they give you better perks, I bet you they can take share from AmEx. I'm an AmEx holder, too."
The program will bring value to Goldman Sachs, which is currently the cheapest stock in terms of price-to-earnings of the major banks, a result of its "episodic" revenue stream, Cramer said. If Goldman Sachs can use algorithms to make lending decisions and produce, hypothetically, 10 million credit cards through Apple's ecosystem, it could cushion both the bank's episodic nature as well as Apple's periodic cell phone launches, he explained.
Paypal's CEO Dan Schulman has said the payment space is a $100 trillion total addressable market.
"Apple just got in the race with no financial risk. That's all borne by Goldman," Cramer said. "As for Goldman, they're not cannibalizing anything because they don't already have another card."
Apple is selling at less than 15-times earnings, while Goldman is selling at 7-times earnings, he pointed out.
"I think they're both undervalued here, in part because the financial analysts who follow Goldman and the tech analysts who follow Apple simply don't understand these news stories," he said.
Disclosure: Cramer's charitable trust owns shares of Apple and Goldman Sachs.