Apple Inc. AAPL closed at $241.53 on Thursday, marking its first close above $240 in 36 days. This prompted Jim Cramer, the host of "Mad Money," to take a jab at early sellers who doubted the stock's resilience.
What Happened: Cramer took to X, formerly Twitter, and mocked those who sold Apple when it was trading in the $220 range. "Where are all of those Apple sellers from the $220s who told us it was over?"
His comment suggests that bearish investors who exited too soon may have missed the stock's rebound.
Apple's last closing price above $240 was on Jan. 8 before dipping in the weeks that followed. The stock struggled to maintain momentum amid broader market volatility and concerns about slowing demand.
Apple's climb back above $240 on Feb. 13 could be seen as renewed investor confidence, despite being down 0.95% year-to-date.
Why It Matters: Last year in November, Cramer advised investors to hold onto Apple shares rather than engage in frequent trading. He underscored waiting for a dip due to prevailing bearish sentiment, stating, "The bears are all over it every minute of the day."
However, Cramer’s endorsement of Apple has not been without controversy. Later in the month, his recommendation to "own" Apple stocks sparked a backlash.
Social media users mocked his advice, leading to the ‘Inverse Cramer’ phenomenon, where investors bet against his recommendations.
Apple’s stock rose 6.47%, climbing from $222.91 on Nov. 1 to $237.33 on Nov. 29, according to Benzinga Pro data. The company currently has a market cap of $3.638 trillion.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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