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NEW YORK ( TheStreet) -- You're only as good as your most recent quarter, Jim Cramer reminded "Mad Money" viewers Monday as he opined on the results from Apple (AAPL - Get Report), a stock he owns for his charitable trust,
Cramer said that Wall Street has a notoriously short memory. Despite Apple making fortunes for investors in years past and having an ungodly large amount of cash on hand to prove it, when the company's gross margins turned south last year Wall Street abandoned the stock, sending its price plummeting to a low of $385. Back then, expectations were too high, so high that even a quality operator such as Apple was unable to achieve them.
Fast forward to today, when Apple was able to post $8.26 a share in earnings, a full 32 cents a share more than expectations. Revenue rose 4.2% and gross margins expanded to 37%. Apple's holiday lineup looks even better and the company raised its revenue estimates for the rest of the year.Cramer said he'd still be a buyer of Apple, even at today's levels, given the strength of its balance sheet and its products for the holiday season. He was also bullish on the consumer staple stocks including Hershey (HSY) and Clorox (CLX), which are benefiting from a falling dollar and input costs.