Jim Cramer's breaking down Real Money's stock of the day, Pepsi (PEP - Get Report) , the froth in the market and Apple (AAPL - Get Report) .

Is the Market In a Time Capsule?

Cramer's wondering if we're moving back to 1998 or 1999.

He broke down his thoughts over on Real Money yesterday afternoon. 

Here's what he wrote. 

I am not a believer in parabolic moves, ones that recall the days of yore in 1999-2000 where there were so many companies that came public without earnings or revenues.

Now, the issue for the bears who share that view, and for me, too, is 1998. We had a bunch of pretty good deals in 1998 that led to a lot of froth in 1999.

Real Money Stock of the Day

PepsiCo posted earnings this morning.

Pepsi said adjusted earnings for the three months ending on June 15 came in at $1.54 per share, down 4.34% from the same period last year but 2 cents ahead of the Street consensus forecast. According to Pepsi, group revenues rose 2.23% to $16.449 million, largely in-line with analysts forecasts.

"We are pleased with our results for the second quarter," said CEO Ramon Laguarta. "While adverse foreign exchange translation negatively impacted our reported net revenue performance, our organic revenue growth was 4.5% in the quarter."

What to Watch in Apple

JPMorgan analyst Samik Chatterjee bumped his price target on Apple by $6 a share, to $239 each, and kept his overweight rating in place, arguing that the company could "pull an additional lever" in terms of renewed demand with a legacy iPhone 9 or iPhone SE model that would boost its value offering.

Rosenblatt cut its rating on Apple to "sell" from "neutral," but maintained its $150 per share price target, citing what it sees as a "fundamental deterioration over the next 6 to 12 months" for the iPhone maker.

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