Stock futures were mostly lower Thursday, a day after Federal Reserve Chairman Jerome Powell told lawmakers it was too early for the central bank to pull back on economic support even though inflation has been rising more quickly than expected.
TheStreet's Jim Cramer shared his thoughts about computer titan Apple (AAPL) - Get Report with Jeff Marks, senior portfolio analyst at Action Alerts PLUS, Cramer's investing club tied to his charitable trust.
Apple shares jumped to a record on Wednesday following a report that the iPhone maker has asked suppliers to boost production by as much as 20% this year as it looks to meet improving customer demand.
Bloomberg reported that Apple is looking to build 90 million next-generation iPhones this year, with the world's biggest tech company expected to get a boost from the launch of new 5G handsets later this year.
Apple: 'I've Been Consistent'
Cramer has been critical of the press treatment of Apple, which he argues has frequently unfairly punished the stock. He said that certain news outlets and analysts were wrong when they predicted Apple would cut back on iPhone production.
"The thing with Apple is own it, don't trade it," he said, "because you never would've gotten back in."
Apple, which is scheduled to report fiscal-third-quarter earnings on July 27, also received an upgrade from J.P. Morgan. The investment bank added the stock to its analyst focus list as Samik Chatterjee raised his price target by $5 to $175.
"All the analysts are coming out now and saying things are good," Cramer said. "I've been saying things are good all along. I've been consistent."
Cramer also had a message for the retail traders in the audience.
"Now I want to point out to the memesters that maybe I'm consistent because I'm a boomer," he said. "Being a boomer is not the worst thing in the world except when it comes to -- I don't know -- staying out really late?"