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Apple Will Rebound on the Strength of a Solid Balance Sheet and New Products

Apple (AAPL - Get Report) took a major hit Thursday, with shares plummeting by more than 2.5% at one point. That brought the Cupertino, Calif. tech giant's market cap down to $493.8 billion, briefly placing it below Alphabet as the world's second-largest company. That was before Apple's stock rose again near the end of the day.

Apple finished the day down 2.37%.

Apple and Alphabet are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. See how Cramer rates the stock here. Want to be alerted before Cramer buys or sells AAPL or GOOGL? Learn more now.

Must Read: Ex-CEO John Sculley Weighs In on Apple-Tesla Merger Talk

However, now is not the time to give up on Apple. It is still one of the world's greatest companies and an excellent place for your investing dollars. It has a lot of cash for developing new products and will introduce a new edition of its popular iPhone in a few months.

Today's drop came courtesy of poor earnings results not from the company itself, but from two of its major suppliers. Taiwan-based Foxconn Technology reported that its profit dropped by 9.2% in the first quarter. And Pegatron, also based in Taiwan, reported that its...