Apple's announcements are a game changer for customers, but not Wall Street, Jim Cramer says

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Apple‘s stock dropped during the trading session because its batch of new products failed to impress the folks on Wall Street, CNBC’s Jim Cramer said Monday.

“As I predicted, when the world’s largest company announced a whole slate of new products and services today, the stock got hammered and that weakness reverberated throughout the market,” the “Mad Money” host said.

The Dow Jones Industrial Average was down for much of the day before adding about 14 points during the session. The S&P 500 and Nasdaq both slipped less than 0.1 percent.

“The stock rolled over because these are all, I guess, pedestrian applications,” he added.

In a star-studded presentation, the tech giant revealed new services including its much-anticipated Apple TV+ streaming platform, Apple News+ package, Apple Card credit card, and Apple Arcade gaming bundle. Cramer estimated that these subscriptions could save consumers about $100 a month.

“These are all services for the 99 percent of America, not the 1 percent. And to the analysts who are a part of the 1 percent, these perks mean nothing. They don’t care about saving a little extra money,” he said. “They want Apple to change the world, not save you maybe $100 a month. But to most Americans, $100 a month is a godsend.”

Cramer said that analysts were fishing for a blockbuster deal that would move the needle, but came up short. A move that would get analysts excited would be something like spending $50 billion on content to rival Netflix, picking up both Viacom and CBS for $40 billion, or to go after Cerner and Dexcom for $20 billion.

The latter, Cramer said, would help CEO Tim Cook make progress on the health care legacy he envisions for Apple by helping address cardiovascular illnesses and diabetes.

“If Apple did these deals, they could convert many of the analysts into believers, and that would get the stock moving right here, right now,” he said.

Cramer acknowledged the market dragged lower because the Treasury bond yield curve is flashing signs of a potential recession, which the host isn’t convinced of. He also said the ongoing trade standoff between the United States and China has no end in sight, as well as the Brexit dispute in the United Kingdom.

Additionally, big funds are selling off stocks to free up cash for the flurry of IPOs this year. Ride-hailing app Lyft will hit public markets Friday and its top competitor Uber also plans to go public this year.

“They don’t get enough new money in to participate in these deals without ringing the register on something else, so they’re dumping high-flying stocks like Salesforce … in order to get in the likes of like Lyft and Uber,” Cramer said.

“In the end, today was ‘Apple Day’ and as much as I like all the bells and whistles, I know the Wall Street jackals were not appeased,” he said. “They wanted a game-changer that cost a fortune, not a bunch of pedestrian incremental improvements. I think they’re wrong, which is why I continue to say you need to own Apple, not trade it.”

Shares of Apple closed down 1.21 percent Monday.

Disclosure: Cramer’s charitable trust owns shares of Apple and

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