Fitbit's shares are up 6% on a "very positive" report issued by analysts at RBC Capital Markets, said Cramer, the co-manager of the Action Alerts PLUS portfolio.
Analysts initiated the stock with an outperform rating and $45 price target while also estimating the company will sell far more units than Cramer had predicted, even though he said he's been bullish on Fitbit since before its initial public offering.
Turning to Apple (AAPL), a longtime AAP holding, Cramer commented on its music streaming service, Apple Music, launched today. "I think Apple Music is being underestimated," Cramer said, adding that the new service seems meaningful.
Cramer said too many investors appear to be giving up on Apple's stock, and that seems premature.