Jim Cramer's Stop Trading! Apple's Still Solid

Jim Cramer returned from his vacation with a bold call for investors -- Apple (AAPL Quote) can still be bought.

Even with the iPhone launch in the rearview mirror, the stock could still benefit if Apple signs exclusive deals with service providers such as America Movil (AMX Quote) or Telefonica (TEF Quote), or if it strikes an arrangement with a Chinese carrier.

With each new agreement, the stock should go higher, he said Thursday on CNBC's "Stop Trading!" segment.

"Growth is back," Cramer said. "People pay up for growth."

The market for wireless devices has room for both Apple and Research In Motion (RIMM Quote), he said, adding that Nokia (NOK Quote) might not be a bad buy in its own right.

Cramer also defended Under Armour (UA Quote), even though he said the stock is now expensive, like Crocs (CROX Quote).

"The shorts are paying the price for not recognizing the changing face of this market," he said. Still, at current levels, he likes Nike (NKE Quote) more.

For anyone who would prefer to try profiting from a downside move, "short a homebuilder" such as Lennar (LEN Quote), he said.