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NEW YORK ( TheStreet) -- It was the best of times and the worst of times, Jim Cramer told "Mad Money" viewers Wednesday as he compared today's divergence of Apple (AAPL - Get Report), a stock he owns for his charitable trust,
Cramer said today's rally in Google and simultaneous decline in Apple should not come as a surprise to investors, as Google is already up 29% for 2013 while Apple has fallen 19%. He said the markets are concerned with what they're always concerned with -- valuing a company's future earnings.
In the case of Google, there's a lot to like as the company continues to outperform in search, while ramping up its Android mobile operating system and possibly monetizing YouTube in a big way for the first time. Meanwhile, Apple, well, no one but Apple knows what the company has planned.Given all that Google has going for it, Cramer said it's easy to see why investors might be willing to pay up to twice the company's growth rate of 18% for its expected $47 a share of earnings. That would value Google upwards of $1,600 a share, he said. Looking at it another way, Google currently has the same valuation as Clorox (CLX), yet Google is growing four times faster. So for the time being, Cramer concluded, expect Google's shares to continue to rise, while Apple will continue to flounder until the company can provide investors something to get them excited again.