Now, I do believe Apple can create a fixed-income floor for its stock, not unlike Pfizer ( PFE) or Pepsico or Kimberly. But we all accept slow revenue growth from those companies in return for consistent earnings and increasing dividends. The compact requires consistent earnings, and Apple cannot give consistent earnings because it doesn't have the horses to give them.

What should have happened? Apple had needed to change the dialogue Tuesday night. It had needed to say, "Come the third quarter of this year, you will see the most exciting products ever." Or it had needed to say that it was taking the $50 billion with which it had planned to buy back stock -- as well as $20 billion of that dividend money -- and will instead use it to buy Dish Network ( DISH), Sprint ( S) and Netflix ( NFLX) and offer iTelevision by the first quarter of next year.

Only then would we not be owning everything Apple has to offer. Only then would the stock find new buyers. Otherwise, when it comes to Apple -- the stock and the product -- everyone has what they need already, and there's no need to have any more of either one.

At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, was long AAPL.

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