Cramer: Own Apple, Don't Trade It

NEW YORK (TheStreet) - Jim Cramer says be patient, you will likely be able to buy Apple (AAPL) at a lower price.

The earnings miss from Apple last night was not only uncharacteristic of the iPhone maker, but it was unacceptable, says Cramer. Part of the issue was consumers holding off on purchasing a new iPhone until the iPhone 5 comes out, but another part of the problem was that Apple isn't immune to Europe. Cramer says he doesn't like when companies miss earnings by this much and thinks the stock deserves to take a hit.

Cramer points out that when a company misses earnings by the extent Apple did and goes down less than ten percent, it is unusual. While he thinks the stock could go lower from here, he reiterates that he thinks people should own the stock, not trade it.

As far as products are concerned, the iPhone is what customers want in the smartphone arena, says Cramer. As Siri is improved the demand for the phone will ramp up. He goes on to say "I think the iPad is going to replace textbooks in the country. The iPad is really game, set, match."

--Written by Lindsey Bell in New York.

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