Analysis: AAPL BA ALK NKE

In today's Rundown, Jim Cramer discusses the markets and how to approach today's countertrend rally in tech, infrastructure plays, UBS' upgrade of Apple (AAPL) , Boeing (BA) receiving more 737 MAX orders from Alaska Airlines (ALK) , and Nike (NKE) .

KATHERINE ROSS: Welcome to The Daily Rundown. And happy hump day. I'm Katherine Ross. And I am joined by Jim Cramer. Jim, what do you want members to be watching in these markets right here?

JIM CRAMER: OK, I want members to understand that when you have a burst of activity in the stocks that the higher price to sales multiple-- price to earnings multiple, you want to look and be sure that you don't have too many of the price to sales multiple names.

So I mean, Google is up 30. I have no problem with that. It's actually a very inexpensive stock on earnings. We've got Facebook up really, really nice. Again, not expensive. Apple up really, really nice. And its growth rate, a little bit expensive.

But then again, we have Nvidia. And Nvidia is-- I am sanctioning that if you have too much that's gone down on these bad days, if you want to trim a little Microsoft-- that's actually not that expensive, but it's more expensive than the others. If you want to trim a little Nvidia, I'm going to bless that. Don't trim Broadcom. It's really inexpensive, and it's sold out.

And the reason I say that is because I'm very wary of the balance of what people have. If your portfolio is balanced between the great reopening stocks and the high price to sales multiple stocks, you're fine. You don't need to do anything. But when I think about what people own from Action Alerts, I think the propensity is to buy the most expensive stocks that we like on our recommended list. And I am saying, you know what? Be careful. You may have too many of those.

And by the way, I'm not talking like a Boeing. Cause Boeing is a cyclical stock that could have a great number in the great reopening. I just think that the great reopening is going to be the theme again of the second quarter. And you want to have a lot of fire-- you want some firepower to buy those stocks when they're down.

KATHERINE ROSS: Jim, President Joe Biden is expected to unveil his $2 trillion infrastructure plan. What will you be listening for? And what's your advice to members who are tuning in?

JIM CRAMER: Well, you know, I just think that, fool me once, understood. Fool me a second time, please. Infrastructure is a sucker's bet. It's a mug's game. To buy stocks you have to have a second reason to buy them, not just a first one.

In other words, if you want to buy aggregate stocks betting that there's going to be roads built, that is absolutely fine. But it better be that you like them because of housing and private roads. Because if there's public roads, you just want icing on the cake.

Nucor sold through on a lot of steel. It would be icing on the cake. But if you're trying to buy something that is just, well, you know what? They don't really have a lot of orders. But they're going to get orders from the government. I'm not buying that. I don't want you in that kind of thing. I need you to have the security that orders are really good before the government places its orders.

KATHERINE ROSS: And in The Street Live you did mention Apple. Apple was upgraded to a buy at UBS, which noted that no supercycle, no problem, valuation, optionality, and seasonality.

Now, you noted that you liked it on CNBC this morning because the supercycle. Did you say it was the kiss of death? Do I have that right, Jim?

JIM CRAMER: Yes, I mean, we've had supercycles in fracking, sand. There's supercycle in coal. Every time I hear supercycle I just like dread it.

Because Katherine, what you own Apple for is the full mosaic. You own it for the sales for iPhone. They're not going to be that huge. Remember, they don't even break them out. You own it for the service. And you have to start owning it for things like the watch.

I know that people feel that the watch and the Mac don't matter. But you know what? That's going to be wrong. It's going to be an increasing amount of the overall excitement of owning Apple is some of these faster growing areas that are beginning to have some real clout. So I like service revenue. I think it's going to be really good.

KATHERINE ROSS: So for members who maybe didn't get to see this note, didn't get to read into it, what did you want them to take away from this upgrade?

JIM CRAMER: Well, I mean, the upgrade is an odd one, because it's based on some of the parts. And that presumed, I don't know, Apple going to break up? That's not true. It's presumed on $14 in the auto, if they go do auto. I don't buy that.

But the main thing is that iPhone demand is stable. And most of the notes in the last few days are about iPhones going lower. And this piece, from The Evidence Lab, by the way-- and I know Ben Stoto is very interested in The Evidence Lab. I work with him. And he's my research director for Mad Money. He's often commented that The Evidence Lab is a very, very thorough, rigorous group. And if they are saying that orders are good, then you can start spending more time listening to him, The Evidence Lab, and less time listening to the naysayers.

KATHERINE ROSS: Now, I do want to get to Boeing, Jim, because Boeing is getting more orders from Alaska Airlines for the 737 Max. And this had followed the earlier news from this week that Southwest had added more orders. Do you expect to see more airlines buying Boeing planes?

JIM CRAMER: Well, I mean, I was talking with Ned Siegel last night. Ned is the CFO of Twitter. And he's quite a good CFO. Actually, he's a great CFO.

And we were talking about-- we were going on and on about Boeing. And what he was saying was, is it orchestrated? In other words, do we have a situation where Boeing each day is going to announce that it got new orders? I mean, we had Monday it was Southwest. And Tuesday it was Alaska.

And I said no, what's happening is the Southwest deal is a good deal. Southwest got a very low price for those planes. People want that same price. You can get that price, I believe, if you order right now.

So it wouldn't surprise me if we got a plethora of orders. But you have to understand that the orders are to clear out the inventory. And you're going to make your money on these planes by service, not by selling them outright, because Gary Kelly is too smart for that at Southwest. So this is a situation where the company, where Boeing is pricing to move these so there are going to be airlines that are buying every day.

KATHERINE ROSS: And let's end on Nike, because it did get a price target boost from HSBC, in a note that says that, and I quote, "short term hiccups unlikely to derail the story." Do you expect to see more analysts come out with these kinds of notes on Nike?

JIM CRAMER: Yeah, I mean, look, the longer that the Chinese have not boycotted this, the more likely that people are going to come out and say, well, listen, the port shortage-- the port problems are behind them. And the Chinese are not going to kick it out. And therefore, people will go buy Nike. And I think that's going to happen.

KATHERINE ROSS: All right, and with that, I do want to remind our viewers that The Daily Rundown will be off for the rest of the week. But we will be back on Monday, April 5, I think that is. I have to check my calendar.

But with that, check us out next Monday. Jim, thank you, as always, for joining us this week.

JIM CRAMER: Thank you.

KATHERINE ROSS: It's always great to get your insight. And members, thank you for tuning in. I'm Katherine Ross, and we'll see you next week.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long AAPL, BA and NKE.