Editor's note: The following is a recap of RealMoney Radio that contains rebroadcasts of two segments.
In Friday's special
Taking the Sprint Nextel (S) quarterly conference call as an example, Cramer said that if people read the body of the call's transcript, they would believe the company is doing great. But then the Q&A started, and it was a nightmare, he said.
The second thing he looks for is the guidance, he said. Little to no guidance makes him skeptical, while a lot of guidance is a good thing and provides visibility, he said.Cramer said he also looks for management confidence and company buybacks, including the price the company paid for the buyback. Another thing to look for is if the buyback has retriggered the company's earnings. Energizer (ENR - Get Report) has systematically bought back stock and managed to raise its bar, Cramer said "That shows false growth, so be careful," he warned. "I also like to hear about what pace of acceleration or deceleration the revenues are at," he said. "Accelerated growth is fantastic." Answering his next question, Cramer said the changes in technology have not changed the market significantly, other than allowing people to buy and sell much more cheaply and read a lot more about companies. TheStreet.com, which Cramer founded, allows you to read this information, he said.