CNBC Analyst Jim Cramer goes off on AAPL (Video)

Cramer doesn’t seem to be too happy about AAPL news of late.

Related: AAPL is up 8 points as of this writing

Transcript of this thing:

With Apple down from four straight sessions and now drops from the conviction buy list. Tim Cook apologizing to the Chinese for what critics are calling poor customer service. Michael Dell tries to get employees fired up about his proposed takeover of his namesake computermaker. Insurance stocks getting a boost after the government says it will increase medicare payments instead of cutting them. Is there more room on the upside? And the big banks launch a round of downgrades aimed at each other. Goldman and Morgan among those in the crosshairs. Goldman removing the tech giant from the conviction buy though it does maintain the buy rating. They were at 6.60. Apple’s most recent product cycle has not driven market growth as they thought and they issued an apology to Chinese consumers vowing to improve customer service in the wake of criticism from Chinese media. In the letter posted on Apple’s Chinese website Tim Cook said, “We are aware that lack of communications led to the perception that Apple is arrogant and doesn’t care or attach enough importance to consumer feedback. We express our sincere apologies for any concerns or misunderstandings this gave consumers.” And they clearly, guys, cannot afford to upset the Chinese too much. It’s an important market. They have very bad will over there because this was quite an extraordinary apology. It’s almost like saying we’re not going to be Google, not playing by the rules, Apple is really saying we will play by the rules. 23 billion in sales will get your attention, right? That’s where they are. Up 10 billion from 2010. To your point, Carl, it’s an important market for them and amarket growing rapidly. Phones like the iPhone have a cache among the Chinese consumers and they they have to make the call. Let’s just call it as it is. There has not been a single piece of good news about Apple for 300 points and today is just another day where the news is just horrendous, and go over the Goldman downgrade. They’re going to miss the June quarter. I am waiting for the company that says they’re going to miss 2016 because 2016 will be a very or Apple and of course, they’ll have $400 a share in cash, but it will be very bad. Buried in the Apple thing, the new products already are bad. We’re already rating whatever product’s coming out in September is a clear loser, right? Of course. Matter of fact, we haven’t seen it yet, It is a loser and then how about this? They said the dividend will increase and the buyback will increase. Not enough. You know, Apple is becoming the JCPenney of tech. They’re going to hope that everything is key on joe fresh Apple. They do say. You wonder why they keep the buy. They do say that they added it to the conviction buy in December of 2010 and since then Apple is up 23% and S&P is up 26% and they’re still feeling good and are they trying to keep the buy to take credit for any upside if they’re wrong? Conviction buy to buy. The I love you or you love me super duper buy. Let’s take it down to the I like you super buy. Many of the firms did get rid of these absurd terms and just had buy, sell, hold. Sell you still don’t see very often and this is the watch cheeseburger versus cheeseburger and the deluxe. It’s just marketing and nonsense, but as we point out many times, in these reports you do get a sense of sentiment and you do get the sense of real work getting done and real analytics and even some reporting by the analysts if you get there. I don’t know that that’s the case with this note. Do you think Apple is under siege or do you think Apple says we know what we’re doing and everyone else is just an idiot? I think that’s more likely the case. So do I. I do wonder, Jim, Tim Cook. the board, security of his job. When do we start having that conversation? I started it. I think you just put it in the public domain, but I think that there is a sense that the company’s in a tailspin, and it doesn’t seem to matter what they do right now. People are no longer worried. Remember there was that period of Einhorn saying, look, maybe they can do something. These were all downgrades on growth and missed quarters and when you see someone so certain that not only is this quarter bad, but the next quarter’s bad and tomorrow we get a downgrade and they say that 2014 would have — you need everyone to downgrade like everyone upgraded. This is the classic. When do you get a bottom? When there is no left who likes it and what you find every day is there’s still someone who says they like it. They do say they expect a low-end phone in calendar 13. They say they could invigorate the high end with the bigger screen phone à la the Samsung, but there is little tangible evidence in your view and at least in the food chain that that’s going on. Remember when Jobs would do these great unveilings and it’s incredible and now you feel that if Cook were to do one of these big shows and come out and say we are about to announce maybe the most disappointing product we’ve ever had since the Lisa. It’s the Lisa 2. That was a bad day. This is the Lisa 2 and nobody likes it and I don’t know why we’re doing and it’s all yours, America and China. and we apologize it’s so bad. It’s a new product introduction. we’re awful. Is the answer then on Apple? First of all, I don’t think it’s awful. Second, there is an install base that is really good. Third, if they had a wow product it would still matter. Fourth, if they took the dividend to 4%. Then you would see the floor in the stock and people would be reluctant to downgrade it, but right now, whatever they do doesn’t matter. We should mention, by the way, the largest market cap company in the country which is no longer Apple is Exxon-Mobil did get a downgrade and we tend to focus a lot on Apple, but now this is a larger market cap and fairly larger owned as Exxon-Mobil.