On tough market days like Friday, TheStreet's Jim Cramer says he likes to look for certain stocks that should outperform.
He's looking for names that have good news or strong earnings to power through the day's negativity. Friday's negativity is stemming from the ongoing concern of a potential trade war with China.
That's despite the company beating on earnings per share and revenue expectations. In fact, it handedly beat expectations, with earnings coming in 12% ahead of forecasts and revenue results coming in more than 7% above analysts' estimates.
Guidance also came in strong. By the time the stock market closed on Friday, shares had climbed about 9.3% to $102.32 while hitting new 52-week highs in the session.
"Splunk is big data," said Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.
Big data goes on with or without steel tariffs on China, he reasoned, concluding that the company reported a "remarkable" quarter.
At the time of publication, Cramer's Action Alerts PLUS had no position in any security mentioned.