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NEW YORK ( TheStreet) -- Jim Cramer fills his blog on RealMoney every day with his up-to-the-minute reactions to what's happening in the market and his legendary ahead-of-the-crowd ideas. This week he blogged on:

  • why market thinking is upside down when it comes to Apple and; and
  • two examples of the market's senseless selling these days.

Click here for information on RealMoney, where you can see all the blogs, including Jim Cramer's -- and reader comments -- in real time.

May the Worst Man Win

Posted at 7:28 a.m. EDT on Friday, Oct. 26

Two great companies, two different standards. One totally rigorous and one not rigorous enough. I am talking about Apple (AAPL) vs. (AMZN) and the way Wall Street perceives the two.

First, Apple reported a number that was extraordinary by any means, except by the means of Wall Street, where it was considered horribly disappointing, as if the company is a bunch of brainless, arrogant bozos who couldn't shine Steve Jobs' shoes. IPads, iPods, iMacs, iPhones, iTV all below to well below what the Street was looking for.

Throughout the call there were several undercurrents. Let me tick them down.

  • The company has too many products, mostly with wrong price points that aren't selling well.
  • Apple has either made too many devices and they aren't selling or it didn't order enough and weren't ready for the onslaught, two mistakes that are considered equally poor.
  • Apple's iPads are slowing dramatically, there is a glut developing and the overpriced iPad mini doesn't help the cause.
  • Apple's current iPhone is a bust and the Samsung competitor is much better.
  • Apple's $120 billion in the bank is simply burning a hole in the pocket of the company and is another sign that it doesn't know what it is doing.
  • Tim Cook is an empty suit and we have seen the end of the Steve Jobs products.

Suffice it to say that these analysts think that Apple's pretty much finished and that its 11x multiple on next year doesn't matter because Apple's about to report its first down quarter in Q4, with sales light and expenses heavy. It's a layup short, because we now have enough detail to know that the company's washed up and on the way to Hewlett-Packard (HPQ) -like oblivion. Nice to know you, Apple.

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Amazon, on the other hand, told you nothing on its conference call. In fact, the company basically told you that its policy is to tell you nothing. It shouldn't even have had a call. There were no bright spots. It is selling like a drunken sailor, and who knows if it is really adding customers.