Jim Cramer and Billionaire Stephen Mandel Like Apple Inc. (AAPL) and More

The Walt Disney Company (NYSE:DIS) was another common pick between the two investors. Disney also has earnings multiples in the teens, with trailing and forward P/Es of 16 and 13 respectively. The company’s parks business is doing well and with ESPN it owns one of the biggest properties in cable TV, and we see that its performance has paid off on the bottom line with 14% growth in net income last quarter versus a year earlier. The valuation is high enough that we’re not quite as confident in it as a buy, but certainly if it can continue double-digit growth rates for some time it would offer “growth at a reasonable price” and it might be another good name to look at.

Cramer’s trust owned shares of Schlumberger Limited. (NYSE:SLB), while Lone Pine initiated a position of 6.4 million shares. An increase in activity in oil and gas plays has boosted Schlumberger, as the $95 billion market cap oilfield services company has seen about 10% growth in revenue and earnings over the last year. It is priced at 17 times trailing earnings, suggesting that investors anticipate continued strong growth at the company. For purposes of comparison, peer Halliburton Company (NYSE:HAL) trades at 11 times earnings whether we consider trailing performance or consensus estimates for 2013. That is quite a bit of a discount, though Halliburton actually experienced a decline in earnings in the third quarter relative to Q3 2011. We still think that Halliburton is a better value at these prices, but if the multiples start moving towards each other then we could see Schlumberger being the more attractive investment as its business has been performing better recently.