Mizuho's Downgrade of Apple Is a 'Multiple Compression' Story, Jim Cramer Says

TheStreet's Action Alerts PLUS Portfolio Manager Jim Cramer attributes Mizuho's downgrade of Apple (AAPL) - Get Report  to a multiple compression story, in the sense that investors aren't going to continue to "pay up for the earnings that you're getting there."

Cramer thinks investors should watch Apple vs. Clorox (CLX) - Get Report , Procter & Gamble (PG) - Get Report  and Colgate-Palmolive (CL) - Get Report . 

"This is a consumer products story," Cramer said. 

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