"[Apple] has run too much," Cramer said in an exclusive monthly conference call with members of his Action Alerts PLUS club for investors. "It's at [around] $160, [but a] 5 to 8 percent pullback is when I would buy some if you didn't own any."
A retrenchment of that magnitude would take AAPL down to around $147 to $152 a share. The stock was down some 2% to $157.08 at midday Thursday.
The Action Alerts PLUS portfolio, which Cramer manages as a charitable trust, already owns some Apple shares, but rates the company as a "Two." That means the portfolio will only buy more on a pullback.
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, which Cramer co-manages as a charitable trust, is long AAPL.