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While some folks are attributing Apple’s stock resurgence to talk about the new iPhone, the real reason might be guidance from one of the company’s most important suppliers, “Mad Money” host Jim Cramer said Tuesday.
“Cirrus Logic, like every other company that does a ton of business with Apple, isn’t allowed to talk about Apple or they risk losing all of that business,” he said.
Yet the company said it expects a 70 percent jump in revenue from the previous quarter.
Cramer said that with a “guide-up that huge, you have to attribute it to a gigantic I-Phone build using Cirrus Logic’s next generation technology, which includes the highest quality audio chips that use the least amount of power.”
A longtime Cirrus Logic enthusiast, Cramer said he backed off recommending the stock due to the unpredictability of its earnings, which were linked to Apple’s secret plans.
“My mistake, as the stock has been a monster performer, up 131 percent year-to-date,” he added.
New products in Apple’s future — including a possible “iPad Mini” or a smart TV — led Cramer to reiterate the idea that this is a stock to own, not to trade or rent.
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