TheStreet's Action Alerts PLUS Portfolio Manager Jim Cramer attributes Mizuho's downgrade of Apple (AAPL) 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."
"This is a consumer products story," Cramer said.
Watch all of Jim Cramer's latest videos, right here:
- Jim Cramer Shares Two Important Tips for Navigating the Technology Selloff
- Andrew Left Is Giving Nvidia's Stock Price a Speeding Ticket, Jim Cramer Says
- Jim Cramer Reveals Two Things That Doomed General Electric CEO Jeffrey Immelt
- I've Been Waiting for Western Digital to Make a Real Offer for Toshiba's Flash Unit: Jim Cramer
- Jim Cramer Reveals Why He Likes Adobe and Salesforce Shares
- FedEx Is a Company Very Close to President Trump, Says Jim Cramer
- No One Is Saying Uber's Bottom Line Is Bad: Jim Cramer