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Cramer's 'Mad Money' Recap: The Apple of My Eye

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NEW YORK ( TheStreet) -- Apple (AAPL) has earned our patience, Jim Cramer said Thursday.

He was responding on "Mad Money" to news that billionaire investor David Einhorn has brought a lawsuit against the company, demanding it return more cash to its shareholders.

Cramer said Apple, a stock he owns for his charitable trust, Action Alerts PLUS , has always stood by the principle that as long as it makes the best products in the world, everything else will take care of itself.

In a way, the company is now a victim of its own success because shareholders such as Einhorn yearn to gain more access to Apple's $137 billion of cash on hand.

While Einhorn presses for a new, preferred class of stock that yields at least 4%, Cramer said Apple's cash would be better served with a transformation acquisition, perhaps buying Twitter or Netflix (NFLX) or even Amazon.com (AMZN).

Cramer said Apple has earned the right to be conservative with its cash because the company has delivered phenomenal results for its shareholders over the past decade.

Yes, shares irrationally ran to $720 last year when they likely didn't deserve to. In the end, undervalued stocks will eventually self-correct. Cramer noted that Intel (INTC) has a 4% yield and it's done little to buoy that stock.

Apple deserves our patience, Cramer concluded. The company is likely hard at work dreaming up products that we can't even imagine. Meanwhile, it continues to hold discussions with shareholders over its cash, which is really all we should be asking of them, Cramer said.

What About Europe?

Is it time to start worrying about Europe again? Cramer told viewers that after comments made by European leaders today, it's definitely time to put Europe back on the map of potential worries.

Cramer said he's not advocating investors panic or start selling any U.S. stocks because of Europe, But with European leaders refusing to cut interest rates, something that's sorely needed, it's time for a wake-up call. We may not be out of the woods yet and we shouldn't be complacent.

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