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NEW YORK (
) -- "With or without Steve Jobs, Apple is taking over the world," Jim Cramer announced to the viewers of his
TV show Tuesday, as he opined on the company's recent news and the stock's miraculous recovery.
Cramer said that today was an amazing moment for
, a stock which he owns for his charitable trust,
Action Alerts PLUS, and for the stock market in general.
After trading off 23 points in Europe yesterday, Cramer noted that Apple briefly traded at an all time high after the company reported a blowout quarter after hours. "Apple is clearly bigger than just one man," said Cramer, "even if that one man is a genius." Nothing can stand in the of this company's growth.
Cramer reassured viewers that there is nothing to worry about as seasoned executive Tim Cook once again takes the reigns at Apple. He said it's clear that Apple's management team will carry on Jobs' traditions, which is why Cramer raised his price target on Apple from $325 to $400 a share.
Apple could earn as much as $23 a share in earnings this year, said Cramer. Backing out the company's staggering $55 a share of cash, he said Apple would be trading at a scant 15 times earnings with his $400 price target, below
at 19 times earnings and far below
at 53 times earnings.
Cramer said Apple should be trading much, much higher, given its unbeatable ecosystem in which everything it touches seems to flourish. He expressed wonderment at Apple's 70.5% revenue growth in the quarter, and at its prospects for growth in every product the company manufacturers.
"Apple is to smart phones and tablets what
was to the PC," said Cramer.
In the "Executive Decision" segment, Cramer spoke with Alan McKim, president and CEO of
, a hazardous waste disposal company that's up 25% since Cramer first featured the company on June 11.
McKim dispelled rumors that Clean Harbors is just about cleaning up oil spills. He said his company has grown continuously over the past 30 years, with or without catastrophic events, and while the oil spill in the Gulf of Mexico was major, he still expects to grow by 20% this year.
Helping to fuel that growth is Clean Harbors incineration business, where the company operates nine out of the 13 commercial incinerators in the U.S. McKim said no one can get a permit to build a new incinerator in this country, so the only option is to expand existing facilities to meet growing demand.
McKim also commented on the company's acquisition of Eveready, a Canadian company with ties to that country's oil sands production. McKim said there are huge investments being made in the oil sands, and Clean Harbors will be there. He also noted the company's lodging business, which provides facilities and catering to workers in remote areas, such as the oil sands, shale fields and even the Gulf cleanup.
When asked about helping the natural gas industry, McKim said that Clean Harbors is developing technology for gas wells that will reuse and recycle water from hydraulic fracturing and thus eliminate concerns over drinking water.
Off the Charts
Cramer went head to head with colleague Tim Collins over the chart of
, the oil service giant that Cramer called "best of breed."
According to Collins, the daily chart of Schlumberger shows a nice rally since last September, but one that stalled out in December, with shares unable to break past their December highs.
However, he said that pattern was broken last Friday and shares now look like they're ready to resume their upward trend. Collins noted the stochastics, which indicate that Schlumberger performs best in overbought conditions, which the stock has now. He also noted the on balance volume, which shows that despite its sideways action, shares have consistently been bought.
Turning to the weekly chart, Collins said he sees a "cup and handle" pattern, a consolidation phase that's usually marked by a rally to the upside. Collins said he sees Schlumberger heading to $100 a share.
Cramer was in agreement, noting that the oil services group benefits most when crude prices are high and oil companies are looking to maximize profits and new discoveries. He said oil service is a great business to be in and he's looking for great things from this global leader.
Specifically, Cramer said he's looking towards the company's Friday conference call to enlighten him on international trends, which should be strong, and also the re-emergence of the Gulf of Mexico after last year's massive oil spill and disruption. "Energy," said Cramer, "is here to stay."
Am I Diversified?
Cramer played "Am I Diversified" with callers to see if their portfolios have what it takes. The first caller's portfolio included
Kinder Morgan Energy Partners
Cramer said he cannot bless both Verizon and AT&T, and recommended selling AT&T in favor of a health care or consumer products stock.
The second caller's top holdings included
iShares Silver Trust
Cramer said this portfolio was beautiful.
Cramer was bullish on
Chipotle Mexican Grill
He was bearish on
In his "No Huddle Offense" segment, commented on
, a company who saw its shares down sharply after the it reported earnings earlier today.
Cramer said the current shareholders of Citi have no conviction and no understanding of how a bank operates, which is exactly why he predicted the 7% slide on last week's show.
He said Citigroup is an overcapitalized international behemoth that has a huge leg up on every domestic bank out there. He told viewers to stay the course and buy more on any weakness.
--Written by Scott Rutt in Washington, D.C.
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At the time of publication, Cramer was long Apple.
Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."
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