TheStreet.com TV Recap: Study Those Conference Calls

On the Friday of a topsy-turvy week, Jim Cramer gave investors a homework lesson for the weekend: Review the conference calls of companies that are doing great things.

In the Wall St. Confidential video Friday, Cramer said that lost amid all the handwringing over stocks this week, several companies had important news on their calls.

"There was tons of information that was totally overlooked," he said, as many traders stayed stuck to their screens and ignored the kind of homework that can mark the difference between success and failure.

Cramer said GlobalSantaFe (GSF Quote), Charter Communications (CHTR Quote), EchoStar Communications (DISH Quote) and Viacom (VIA Quote) all had good things to say -- and yet few traders likely were listening to the calls.

Cramer urged investors to get transcripts of the calls and read them this weekend. "Those conference calls are begging to be watched, begging to be listened to," he said.

Speaking of the danger of getting stuck in a pattern, Cramer dismissed the "scalping" trading style of those who attempt to fade the open or otherwise take advantage of quick market moves, such as a drop of U.S. markets based on what's happening overseas. That's a recipe for underperformance, he said.

Instead, traders need to get stock-specific. They need to ask, "Which stocks do I like on the S&P down 1%?, and circle the wagons around those stocks."

Again, do your homework.