CNBC's Jim Cramer argued that Apple is worth buying at its current level, despite growing uncertainty about the stock market's record high levels. The "Mad Money" host called Netflix a buy, even as competition heats up in the streaming arena. Later in the show he clarifies why Tesla should be deemed a technology company and not a car company.
CNBC's on Wednesday laid out a group of big-name stocks that are worth buying at current levels, even as investors contemplate whether the overall market is reaching a top.
The major indexes were practically flat in Wednesday trading but remain near their highs. He laid out a case for owning ahead of its quarterly report, and , the latter two having reported quarterly a day prior.
"They explain how you can justify believing in a couple of high-profile stocks and how it's not all that much of a leap of faith when you consider the pros as well as the cons," the "Mad Money" host said. That's what "makes me a believer. It's why I don't want to leave this market ... even as I'd often like to try."
is a technology enterprise that makes cars, and investors must redefine it as such if they expect to accurately judge the stock, Cramer declared.
"Tesla's not really a car company, it's a tech company on wheels. That's what keeps confusing people," the host said. "Almost every major automaker now has an electric car, yet almost none of these cars have any demand to speak of at all, except for Tesla."
In Cramer's lightning round, the "Mad Money" host opined on viewers' favorite stock picks of the day.
: "I didn't like that quarter at all. I question the dividend strength. I don't even know if this company has anywhere near the cash flow I thought in the China story that had been held out as good. It's now bad."
: "I don't really understand what they own or how they got their positions and, therefore, it's impossible for me to recommend it, even as I see the stock going higher."
: "My charitable trust sold it after a huge gain. Didn't think it could continue to ramp higher. They then bought that GE division that is very good medtech, and it just continues to rally. And, you know what, it's not done. My bad. Sold it too soon. Stay long."
Disclosure: Cramer's charitable trust owns shares of Apple.