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Cramer: Why Apple Dip Is a ‘Buying Opportunity’

Apple’s decline on Tuesday has presented investors with a “buying opportunity,” Cramer said during Stop Trading!.

The stock dropped about $4.46, or 1.73%, today after Consumer Reports issued an unfavorable review of the new iPhone 4, citing reception problems depending on how the device is held. The thumbs-down was viewed as so severe that some have talked of a product recall.

However, Cramer doubted that would happen. He said it was likely that Apple would issue free Bumpers, or fitted guards for the phone, that seem to help with the reception problem. Plus, iPhone sales were exceptionally strong before the Consumer Reports announcement, he said, so the media might be blowing the problem out of proportion. Therefore, he’s still bullish on Apple.

Also in tech, Cramer said he expects SanDisk to be “at least a $50 stock within 10 days.”

Citigroup , meanwhile, is “well above” the average price at which the government has unloaded its large stake in the bank, Cramer said. He called on the government to unload the rest of its position, claiming that there is demand enough for the stock to absorb the sale.

There are “five or six institutions that are, literally, circling 100 million to 200 million to 300 million shares,” Cramer said.

Finally, Chevron has indicated strength in the refining business, which Cramer said “has been a terrible industry for so long.” He recommended Marathon Oil or Valero as plays on that strength.

“This is the first time Chevron said something good about refining,” Cramer said, “in I don’t know how long.”

When this story published, Cramer’s charitable trust owned Apple and Marathon Oil.

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