Of all of the things that could turn around Apple's stock, the last thing you would ever expect is a rotation into value and away from momentum and products and pizazz.
Apple has struggled to rally for 15 months now as it has dealt with disappointment after disappointment when it comes to both revenue and earnings growth. Income peaked in 2012. Revenue year over year has dramatically slowed.
However, this market has suddenly gotten kind to IBM, which has no revenue growth. It has warmed to Hewlett-Packard, which, obviously, has much less of a technological edge than Apple. Intel and Microsoft are valued similarly to Apple, and they don't have any phone business to speak of, and we all know that handhelds are the future.
Plus the company has a terrific dividend and a strong buyback with huge cash flow, again what investors want now.
Oh, and Apple is not making any big acquisitions, which, we know, rightly or wrongly, after Facebook's purchase of Oculus for $2 billion, is regarded as just plan reckless.
Yep, Apple, a value play. Who would have thunk it?
DISCLOSURE: Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long AAPL and FB.