The Apple event was a game exchange for customers, not Wall Street
Apple's stock fell during the trading session because its series of new products failed to impress the people on Wall Street. CNBC's Jim Cramer said Monday.
" As I had predicted, as the world's largest company announced a lot of new products and services today, the shares were hammered and the weakness reverberated across the market, said "Mad Money" host.
The Dow Jones Industrial average was down for much of the day before 14 points were added during the session. S & P 500 and Nasdaq both went less than 0.1[ads1] percent.
"The warehouse rolled over because this is all, I guess, pedestrian applications," he added.
In a stellar presentation, the tech giant revealed new services, including the anticipated Apple TV + power platform, the Apple News + package, the Apple Card credit card, and the Apple Arcade game package. Cramer estimated that these subscriptions could save consumers about $ 100 a month.
"These are all 99 percent services of America, not 1 percent. And to 1 percent analysts, these benefits mean nothing. They don't care to save a little extra money," he says. Want Apple to swap the world, don't save yourself maybe $ 100 a month. But for most Americans, $ 100 a month is a godsend. "
Cramer said analysts were heading for a tougher deal that would move the needle but came up short. A move that would get analysts busy would be to spend $ 50 billion on content to rival Netflix, pick up Both Viacom and CBS for $ 40 billion, or to go after Cerner and Dexcom for $ 20 billion.
The latter, Cramer said, would help CEO Tim Cook make progress on the health legacy he anticipates for Apple using heart disease and Diabetes.
"If Apple made these deals, they could convert many of the analysts into believers, and it would make the stock move here, right now," he said. [19659003] Cramer recognized the market dragged lower because the government bond yield curve flashes signs on a potential recession, which the host is not convinced, he also said that the ongoing trade distance between the United States and China has no end in sight, as well as he Brexit disputes in Great britain.
In addition, large funds sell off shares to release cash for flurry of IPOs this year. Ride-hailing app Lift will hit public markets Friday and top competitor Uber is also planning to be public this year.
"They don't get enough new money to participate in these deals without calling the registry for anything else, so they dump high-flying stocks like Salesforce … to get on like Lift and Uber," Cramer said.
"Finally, today was" Apple Day "and as much as I like all the bells and whistles, I know Wall Street jackals were not appetizing," he said. "They wanted a game switch that cost a fortune, not a lot of pedestrian improvements. I think they're wrong, so I continue to say you need to own Apple, don't trade it."
Shares of Apple ended Monday at 1.21 percent.
Information: Cramer's charitable trust owns shares of Apple and Salesforce.com.
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