Jim Cramer is Feeling Hot Over Apple Stock

According to Mad Money’s Jim Cramer, tech giant Apple has its stock on fire and it’s helping other chip stocks explode.

CNBC’s Cramer said, “We’re getting some tremendous positive pin action here with some very important companies putting up excellent results and it’s reverberating.”

“Their stocks roar higher and drag whole groups with them as we’ve seen … I’ve gotta tell you, that’s pretty encouraging,” he added.

This week Cramer highlighted the moves in Apple as one of the stocks that helped push other stocks in its sector up.

According to Cramer, sales of the iPhone 11 are helping shares of Apple break out to new all-time highs. It was last month that Apple revealed its brand new iPhone. The Mad Money host said the phones are helping the value of several semiconductor companies to rise as well, including Cirrus Logic, Texas Instruments, Broadcom and Skyworks Solutions.
All four stocks saw gains on Monday.

Apple shares had a record close over ten times this month according to FactSet, and on Monday shares rose above $240 per share.

Cramer said CEO Tim Cook was able to “to navigate his way through the trade war.”

“In other words, Cook’s not waiting for the trade talks to be resolved. … He’s on the the front lines, front lines of the trade war trying to calm things down,” Cramer said. “A rally in these stocks can trigger a dramatic move in the whole Nasdaq. It’s a mammoth breakout that silences the macro junkies” worried about “a big economic slowdown that’s pretty hard to find if you’re examining most domestically oriented companies.”

Disclaimer: We have no position in Apple Inc. (NASDAQ: AAPL) and have not been compensated for this article.