Emerson's Quarter Was Stellar, Despite U.S.

Another tech company delivers: Emerson Electric (EMR - commentary - Cramer's Take).

I know, it isn't Microsoft (MSFT - commentary - Cramer's Take) or Oracle (ORCL - commentary - Cramer's Take) or Texas Instruments (TXN - commentary - Cramer's Take). It isn't Intel (INTC - commentary - Cramer's Take) or National Semi (NSM - commentary - Cramer's Take) or Altera (ALTR - commentary - Cramer's Take) or Xilinx (XLNX - commentary - Cramer's Take).

It isn't, because those have companies don't have that much growth and haven't in years (Oracle's growth is more oriented toward acquisitions and taking share, which it is great at.)

Think about what Emerson did in a "recessionary environment." Growth of earnings: 21%.

Sales growth of 6% ex-currency, but more important: 18% growth in Asia and Latin America and 19% in the Middle East and Africa. It was the U.S. that was pulling everything down: 1% gain.

How about profit margins? Fattened, 100 basis points. Can you imagine how amazing that is with all of those raw cost inputs soaring?

Where's the gain? All of the tech that Emerson prides itself in: industrial automation, network power, process management. The old Emerson -- appliance and tools -- was of course disappointing, as it isn't tech-oriented at all.

This is the great execution of a company that is producing tech solutions to get more energy and more minerals at cheaper prices. That's what we want from tech -- not better paper-pushing and better video games.

This one's got an 18 multiple on this kind of consistent growth. Old tech gets the same multiple or higher on inconsistent growth.

Drives me crazy!

Emerson's up, but not up enough because of the futures' pull down and possible options trapping at $55.

What a great opportunity.

Random musings: Molson Coors (TAP - commentary - Cramer's Take) delivers another great quarter. I know Anheuser-Busch (BUD - commentary - Cramer's Take) has been going up, but that's on takeover -- TAP's on earnings. What a beautiful quarter. ... McKesson (MCK - commentary - Cramer's Take), figures. After Cardinal Health (CAH - commentary - Cramer's Take). The growth guys are back in them. ... Of course Fannie Mae (FNM - commentary - Cramer's Take) is not going down much; there's not much of an equity offering and the value guys love it. ... Energy? No kidding.

At the time of publication, Cramer had no positions in the stocks mentioned.

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