More Squawk from Jim Cramer: Apple (AAPL) Selling Billionth iPhone Exciting in Theory
NEW YORK (TheStreet) -- Apple (AAPL) - Get Report is on the cusp of selling its billionth iPhone, a milestone which could come when the tech giant reports its 2016 third quarter results on Tuesday, the Financial Times reported.
This is "exciting in the theoretical. But, the fact is we're dealing with a quarter where the numbers I think have to come down," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning.
"There are still so many analysts that are recommending this stock. It's scary," Cramer said of Apple stock.
He added that an analyst should downgrade shares of Apple ahead of the quarterly results.
"I expect a not great number," Cramer said of the upcoming results in the video above.
In April, the Cupertino, CA-based company posted its first quarterly revenue decline in 13 years.
Additionally, Cramer noted that the tech sector had a good week last week.
"I just want people to be careful," Cramer cautioned.
This week, other tech giants including Facebook (FB), Alphabet (GOOGL) and Amazon.com (AMZN) are scheduled to report quarterly results.
"Things are happening so fast that you will miss key points," Cramer noted, adding that people should listen to the earnings conference calls before making any decisions.
Shares of Apple are down 0.35% to $98.32 on Monday morning.
(Apple is a core holding of Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trial here.)
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on Apple stock.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins.
The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: AAPL