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NEW YORK (TheStreet) -- Apple (AAPL) reports earnings after the close on Monday, and TheStreet's Jim Cramer is with Brittany Umar, discussing expectations. 

Cramer suggested that a good report could send shares to $550, while a bad one could push it down to $475, a level that Cramer said he would consider to be a buying opportunity.

Cramer said the last time the stock was getting hit hard, it found support when the dividend yield reached 3%, suggesting this could again act as support if the stock starts to sell off. 

Hedge fund manager Carl Icahn could also create a support level for the stock with his vocal ownership role, as he calls for a huge share buyback, Cramer said.  

Cramer said the following things keep Apple attractive: its price-to-earnings ratio of 12, its solid dividend yield and the new iPhone and iPad products. 

The iPhone launch included two different versions, the 5S and 5C. The former has better margins and seems to be selling better than the latter. 

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Although analysts have been ratcheting up quarterly estimates, the company also boosted its expectations to the higher end of its previous guidance range.

Cramer said the holiday quarter should be quite bullish, with the new iPhones and iPads in the mix. 

Next quarter should bode well for the company, which appears to have momentum in both its share price and its new products, said Cramer. Icahn and a potential dividend boost could add to that momentum, he concluded.

At the time of publication, Action Alerts PLUS, which Jim Cramer co-manages as a charitable trust, owned shares of Apple.

-- Written by Bret Kenwell in Petoskey, Mich.

Follow @BretKenwell

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.