Cramer says he thought Apple would be down more on the coronavirus warning, would not buy yet

'I am surprised it's not down more because it's not just supply, it's demand,' the 'Mad Money' host said.

Shares of Apple were down just 2%, or roughly $7, on Tuesday. Cramer said on "Apple's announcement Monday cited coronavirus impacts on both global supply, as well as weaker demand from Chinese consumers." host said. "Demand has to come down because they don't do much shopping in China. And supply, it's not them. It's supply chain. It's some of the companies that need to give them the supplies.

The outbreak led Apple to to temporarily pause production and shutter retail stores in China. Some retail stores reopened with limited schedules last week. In fact, Apple had already acknowledged it in January, when it provided a $4 billion range of quarterly guidance that was wider than usual.

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