Can it be done? Yes, but without some economic growth in the world (something that seems to dim every time we look. although interest rates and the Fed say otherwise), this isn't a "wait until next year" situation; it's a "wait until 2015" issue, which is when this company will have enough cash to start buying other companies along with the help of some economic tailwinds and not headwinds.

In short, Hewlett-Packard needs three things:
  1. new product;
  2. worldwide growth; and
  3. a lot of luck.

And it's the last thing you are banking on if you buy it today.

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

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