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More Squawk From Jim Cramer: Investors Too Critical of Apple (AAPL) Stock

NEW YORK (TheStreet) -- Apple (AAPL - Get Report) stock is declining 0.78% to $104.86 in morning trading on Monday, even though analysts estimate that the iPhone maker sold about 12 million Apple Watches in their first year of sales.

"This was supposed to be a bust," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning. "Those numbers do not indicate a bust."

At an average price of roughly $500, the Watch is a $6 billion business. This is about three times the annual revenue of activity tracker maker Fitbit (FIT).

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The company's service revenue will likely be "very big" as well, Cramer contended...