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Cramer Names New Bank King

Apple is an “event-driven stock,” Cramer said during Tuesday’s Stop Trading!, and with the earnings report now past there are now events past. As a result, AAPL, down about $5 to $197 today, “seems to be just dead.”

“This thing needs a boost over that $200” level, Cramer said.

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The Nasdaq as a whole is retreating as well, which isn’t a surprise given that Apple and Google , which also has declined, were the index’s leaders. Cramer said many investors are switching into recession plays like Kellogg , possibly in response to this morning’s less-than-stellar consumer confidence report.

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In order for Apple to move past $200, an analyst has to announce that he’s raising the company’s earnings estimates. But that won’t happen, Cramer said, because “everyone already has.”

Lastly, Cramer called PNC Financial “the new bank king.”

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