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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Wednesday April 25.

The Apple (NASDAQ:AAPL) Bureau of Misinformation. Other stocks mentioned: Jabil Circuit (NYSE:JBL), EMC (NYSE:EMC), Verizon (NYSE:VZ), AT&T (NYSE:T)

There has not been a stock this earnings season that has been gotten wrong so dramatically as Apple (AAPL). Going into its earnings, the stock was down 11% on rumors that supply issues had plagued the company and it had not sold as many iPhones as expected. The earnings beat was much larger than those of the past, and the stock soared $49. The company reported that revenues rose 59% year over year and net income was up 94%. Apple trounced one analyst's bearish prediction that Apple would sell only 28 million to 33 million iPhones, when the company sold 35 million. Analysts were basing their bearish predictions on news that Verizon (VZ) and AT&T (T) had not sold as many iPhones as expected, but assuming this was a disaster for Apple was to overlook their significant overseas business, and the fact that there are other companies that matter to Apple as much as Verizon and AT&T. iPad sales were at 11.8 million, up 150% from last year. Apple Stores reported a 24% increase in same store sales. Cramer reminded viewers that Apple is a long-term investment and not a trade, and is still undervalued.

Cramer took some calls:

Jabil Circuit (JBL) should benefit from terrific earnings from peers in its sector, and this stock is a buy.

EMC (EMC) is not a buy as a possible takeover target, but is an earnings and growth story.

Too Much Macro: Arcelor Mittal (NYSE:MT), Nucor (NYSE:NUE), Union Pacific (NYSE:UNP), Norfolk Southern (NYSE:NSC)

Cramer thinks analysts pay too much attention to every macro data point that comes out and any announcement by the Federal Reserve. Sometimes it seems that The Street doesn't want the economy to improve too much because of the obsession with what is going to happen to stocks if the Fed raises rates in a more robust economic environment. A higher employment rate is necessary so consumers will have the funds to buy goods in the first place. It is time to embrace an improved economy and stop worrying about the Fed raising interest rates; ultimately a strong economy's effect on stocks will have a greater impact than higher rates.

Arcelor Mittal (MT) is not a stock Cramer likes; he prefers Nucor (NUE). Cramer explained that he is not "going down the food chain" to steel.

Union Pacific (UNP) rose significantly on a good report from Norfolk Southern (NSC). Cramer regrets missing the move because of concerns that NSC would disappoint on its earnings.

eBay (NASDAQ:EBAY), Visa (NYSE:V), Mastercard (NYSE:MA)

A week after the earnings report from eBay (EBAY), Cramer thinks that even though the stock moved 13%, it can still run higher. The company reported a 4 cent earnings beat on revenues that rose 28.7% year over year. The strength of eBay lies in Paypal, the automated payment system with 110 million accounts in 190 different countries. Paypal will soon challenge Visa (V) and Mastercard (MA) as the preferred method of payment. Paypal now enables customers to buy products not just online, but on regular supermarkets, and this system makes credit cards unnecessary. With such aggressive growth, Paypal alone is a good enough reason to buy eBay.

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Source: Cramer's Mad Money - The Apple Bureau Of Misinformation (4/25/12)