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Jim Cramer's Mad Dash: CarMax's Remarkable Earnings Report

NEW YORK (TheStreet) -- Some of the automotive-related stocks are catching a break on Friday. Goldman Sachs upgraded AutoNation (AN) to buy from neutral, while shares of CarMax (KMX) are up 14% on a top and bottom line earnings beat. 

CarMax's earnings report was the "best quarter of the week," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Cramer's Mad Dash" segment. 

People continue to buy cars, he added, saying that increased car sales is a sign that the economy is indeed improving. Workers needs cars to get to work, and a job to pay for that car, he said. 

Turning to Owens Corning (OC), shares are lower by roughly 4%. The company missed on top and bottom line estimates, and says its roofing business could decline by as much as 20% in the first half of 2014. 

Cramer acknowledged that the harsh winter months hurt a lot of companies, but the poor weather should actually be good for the roofing business. 

He suggested that consumers are putting more money into cars and less money into housing -- with the exception of the upper class. 

He also questioned whether Home Depot (HD) would report a weaker-than-expected earnings result. The housing market is a "mixed picture," with some companies doing well, and others poorly. Cramer concluded that he still likes Masco (MAS).

-- Written by Bret Kenwell in Petoskey, Mich.

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.

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