Apple Inc. (AAPL)’s Slide in Wake of iCloud Scandal not Fazing Cramer

Apple Inc. (NASDAQ:AAPL)’s stock took a beating yesterday, falling more than $4.00 to find itself back under $100 after reaching record highs the day before. The stock further stumbled out of the gate today, falling another 1% (it has since made up those losses), though the dive has not fazed CNBC analyst Jim Cramer, who declared today “shoot me, shoot me that I like Apple.”

AAPL Apple Store

A number of factors conspired to knock Apple Inc. (NASDAQ:AAPL) down yesterday, including new product unveilings by rival Samsung, and an investor not by Pacific Crest that recommended selling the stock and warned of a pending downgrade should Apple Inc. (NASDAQ:AAPL) not wow them at their September 9 event.

However the scandal over celebrity iCloud accounts being hacked seemed to be the biggest trigger of yesterday’s tumble, and there’s still confusion over just what Apple Inc. (NASDAQ:AAPL)’s accountability was in the scandal. While iCloud wasn’t technically breached, lax security protocols may be responsible for allowing the brute force attacks that are suspected to have been used to gain unlawful access to the accounts, to succeed. Nude photos of celebrities, among them Jennifer Lawrence, were pilfered in the operation.

The panel also briefly discussed Amazon.com, Inc. (NASDAQ:AMZN), which on the contrary to Apple Inc. (NASDAQ:AAPL), has enjoyed a very strong day. The panel was somewhat confused over what triggered the sudden jump, speculating that it may be related to overall retail sales or a stronger dollar, though it seems most likely tied to the announcement that current CFO Thomas Szkutak will retire next June.

Amazon.com, Inc. (NASDAQ:AMZN) is down over 10% year-to-date and entered the day at $339. It is currently trading at $347.34 in midday trading, up 2.46%.

Disclosure: none

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