Jim Cramer explains why stockholders of household names should not be too quick to pull the trigger when they hit a rough patch.
CNBC's Jim Cramer said Monday that stockholders of household names should not be too quick to pull the trigger when they hit a rough patch because the market tends to be forgiving.
Cramer often says that Apple, led by Tim Cook, is a stock that investors should buy and not sell, even if it gets difficult to hold the security. The stock price plummeted from $233 to $157 during the fourth-quarter bear market amid concerns about slowing iPhone sales, which account for more than half of the company's business, he said.
"Apple's more than a gadget maker and this idea's finally gaining traction," Cramer said."Plus, even after this move, the stock's darned cheap. It sells for 15-times earnings. Hey, remember [what] Tim Cook said, he told us that his legacy would be health care." "The world was ending. The company had some temporary problems that they're now working through, which is why the stock has caught fire again," Cramer said.
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