Today, Apple stock (AAPL) has been trading on a positive note with the help of the broader-market recovery. At 1:35 PM ET, the company’s stock was up 2.1% from its previous day’s closing price while the S&P 500 Index (SPY), NASDAQ Composite Index, and Dow Jones were up 0.7%, 0.8, and 0.9%, respectively. Now’ let’s see how Apple CEO Tim Cook defended Apple during his interview with CNBC’s Jim Cramer today.
Jim Cramer interviewed Tim Cook
Earlier today, Cook opened up about criticism that Apple has received lately in an interview with Cramer. During the interview, Cook said, “In terms of the naysayer, I’ve heard this over and over again, I’ve heard it in 2001, I’ve heard it in 2005, in ‘7, in ‘8, in ’10, in ’12 and ’13. You can probably find the same quotes from the same people over and over again.”
While saying that he’s “not defensive on it,” Cook still defended Apple, saying, “My honest opinion is that there is a culture of innovation in Apple and that culture of innovation combined with these incredible, loyal customers, happy customers, this ecosystem, this virtuous ecosystem, is something that is probably underappreciated.”
Before Cook’s comments today, Bernstein analyst Toni Sacconaghi said on CNBC, “No need to rush buying Apple today.” Sacconaghi suggested that Apple isn’t inexpensive based on its relative valuation.
Since Cook cut Apple’s first-quarter guidance on January 2, the company has received sharp criticism and negative views from many popular analysts, indicating longer-term iPhone sales worries.
Today at 1:50 PM ET, other tech companies Amazon (AMZN), Microsoft (MSFT), Alphabet (GOOG), Facebook (FB), Advanced Micro Devices (AMD), and Netflix (NFLX) lost 1.4%, 0.8%, 0.3%, 2.8%, 0.3%, and 1.1%, respectively. At the same time, NVIDIA (NVDA) and Qualcomm (QCOM) were down 2.5% and 1.0%, respectively.