Cramer's TheStreet.com TV Recap: Buyback Boost

This is a recap of Jim Cramer's market update video on TheStreet.com TV, filmed Tuesday morning.

Buybacks were on deck for Jim Cramer's TheStreet.com's TV video Tuesday.

"I thought it would never happen," Cramer said on "Buyback Surprise." "I thought no buyback would ever do what I see happening right now."

Companies such as General Electric (GE Quote) and Coca-Cola (KO Quote) that buy back repeatedly -- "textbook buybacks" -- as Cramer calls them, have not successfully moved their stocks through the practice.

Unlike these companies, this is not the case for Exxon Mobil (XOM Quote), Chevron (CVX Quote) or especially now for ConocoPhillips (COP Quote), Cramer said.

"These guys have figured it out. As long as there are big institutional buyers -- and we have them in Fidelity, Capital RE -- these companies have managed to take out enough supply that the stocks will move when the institutions come in," Cramer said.

This is the essence of what companies try to do with buybacks, he said, adding that almost all of the 29 buybacks out of the 30 Dow Jones stocks have been completely ineffective.

In reference to Exxon, Chevron and Conoco, Cramer said these are successful because of the combination of big buyers and low valuations with multiples going up.

Although he had originally predicted that Exxon would stop at $80, Cramer said the company will far surpass his expectations. He believes Conoco could also tack on 10 points easily and that Chevron is at the end of its $5 billion buyback.