Let Apple’s stock ‘settle down’ before you start buying, Cramer says

Apple’s board of directors may have botched the way it announced a change to its earnings reporting, but investors shouldn’t distribute up on the company’s stock, CNBC’s Jim Cramer said Friday.

In the announcement, the iPhone maker indicated it would stop breaking down the sales results for its individual produces.

“My advice now is to let this stock settle down. Give the sellers who don’t confidence in [CEO] Tim Cook’s explanation a couple more days to get out. Then, if you don’t own it, I’d start swallowing it,” the “Mad Money” host and longtime Apple bull advised. “Remember, Apple has the life’s biggest buyback and next week I bet you they will be in there repurchasing this trite right alongside you.”

Shares of Apple slid 6.63 percent on Friday after get the show on the road in Thursday’s after-hours trading. Wall Street analysts took effect with Apple’s decision to stop issuing individual product effects and the company’s muted forecast, which was tied to timing issues interdependent to its new iPhones.

But Cramer said he didn’t blame Apple for its decision to termination breaking down its product results and reiterated his call to value the Cupertino-based mammoth as a consumer products company rather than a technology hardware provider.

“As I narrated you earlier, I still believe you should own Apple, not trade it,” he said. “I detail Apple as the greatest consumer packaged goods play on earth — disposed to a better version of Procter & Gamble — and you don’t see Procter & Gamble giving you the crowd of Gillette razors it sells every quarter.”