Cramer: Now Is the Time to Buy Apple

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Shares of Apple plummeted after the technology company delivered a big earnings miss Tuesday, prompting “Mad Money” host Jim Cramer to note that anyone who has waited to buy the stock at discount is finally getting their chance.

“Apple is the kind of special situation that can go down now, in part because of Europe like anything else with international sales, but I still think should be owned,” Cramer said. “You have to take some short-term pain to get the longer-term gain of the new iPhone and new iPads and the iTV.”

Apple’s stock lost more than 5 percent after the tech giant reported its second quarterly results miss in less than a year.

During the latest quarter, Apple shipped 26 million iPhones, well below the 28 million to 29 million that Wall Street analysts had predicted, even taking into account a pause in buying ahead of the iPhone 5. In contrast, the company sold 35.1 million iPhones in the March quarter. Sales of the iPad, the tablet that accounts for well over half the world's market, came in at 17 million in the fiscal third quarter, above expectations.

Apple, notorious for its conservative forecasts, estimated earnings for the September quarter of $7.65 a share on revenue of $34 billion, well below the average estimate of $10.23 a share on revenue of $38.03 billion.

In the near-term, Cramer thinks Apple’s stock could see further declines. He does, however, think it could produce gains in the long run.

—Reuters contributed to this report

When this story was published, Cramer’s charitable trust owned Apple.

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