Apple ( AAPL) is a great company, but Jim Cramer said he needs to know more about the pricing of the new iPhone before he'd buy the stock up 7% Tuesday.

Cramer said on CNBC's "Stop Trading!" segment that Steve Jobs' tech juggernaut remains one of his top growth stock picks. But he said reports that an 8-gigabyte iPhone will cost $599 with a two-year Cingular contract tell him he "needs to know more" before buying Apple on the heels of Tuesday's $6.11 gain to $91.58.

Cramer says a look at inventory data, courtesy of value investor Bob Olstein, shows that investors would be wise to buy Nike ( NKE) and American Eagle ( AEOS) while selling K-Swiss ( KSWS) and Abercrombie ( ANF).

Nike had a "great quarter" and American Eagle "has the mojo," Cramer said, adding that Olstein is "money in the bank" with his superior retail research.

Cramer said anyone still invested in Latin America after Venezuelan President Hugo Chavez set plans to nationalize the energy and telecom sectors is "a pig." He said he would have to do his homework before taking a chance on Nordson ( NDSN), despite its great record of raising its dividend.

As for this afternoon's big earnings report out of what Canadians call the aluminium sector, "We can wait for Alcoa ( AA)," Cramer said.
At the time of publication, Cramer had no positions in stocks mentioned.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Listen to Cramer's RealMoney Radio show on your computer; just click here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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