Stock futures fell Wednesday following another record close for the S&P 500.
TheStreet Founder Jim Cramer and TheStreet's senior portfolio analyst, Jeff Marks, discussed Skyworks Solutions (SWKS) - Get Skyworks Solutions, Inc. Report and the semiconductor company's relationship with Apple (AAPL) - Get Apple Inc. (AAPL) Report.
"If you think that Apple is going to do well, that means that they have a ton of Skyworks in there," Cramer said.
But investors may not know, and the two men agreed, that the first rule of having Apple as a customer is never saying Apple is a customer.
Skyworks: 'Never Say Apple'
"Now, a lot of this is very difficult for people who have never traded Skyworks because they're going to come out and say, 'Apple is a big customer,' because Apple will not let them," Cramer explained.
On Tuesday Barclays its raised target prices for Skyworks and several other Apple suppliers in light of supply-chain disruptions.
"Apple is the only company that forbids you from mentioning them," Cramer said. "If you do mention them, you’ll lose their business."
Meanwhile, Citi opened a positive catalyst watch on Skyworks, saying supply-chain checks “indicate Apple [next-generation] iPhone builds are tracking above expectations,” according to the Fly.
"You're never going to hear from Skyworks, 'wow, did we get a big order from Apple,' but that may be what’s happening," Cramer said.
Citi analyst Atif Malik said he saw upside to consensus September-quarter expectations, given that Apple represents about half of sales for Skyworks.
He noted that Wall Street estimates do not include a contribution from the Silicon Laboratories (SLAB) - Get Silicon Laboratories Inc. Report infrastructure and automotive business unit acquisition. That purchase is expected to close in the September quarter and be immediately accretive.
Malik keeps a neutral rating and $182 price target on Skyworks shares.