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In a tough market, "good enough" counts as a triumph, Jim Cramer told his Mad Money viewers Tuesday, as he highlighted some of the day's most notable earnings announcements.

First up was Apple (AAPL) , a stock he owns for his charitable trust, Action Alerts PLUS. Apple reported a 15% revenue decline but saw shares soar in after-hours trading, up 7.1%. Why? Because many investors had feared far worse from the tech giant.

Then there's Texas Instruments (TXN) and United Technologies (UTX) , which both reported modest 2% growth but the market lapped it up, sending shares up 7.8% and 3.1% respectively.

Still other upside surprises was Analog Devices (ADI) snapping up Linear Technologies (LLTC) , news that sent shares of both companies higher. Finally, Cramer called out the 6% pop in Las Vegas Sands (LVS) as another example of good being good enough for investors.

There were also a number of stocks that weren't good enough, including McDonald's (MCD) , which fell 4.4%, Gilead Sciences (GILD) , off 8.4%, and Twitter (TWTR) , another Action Alerts PLUS holding, plummeting over 11% on terrible forecasts.

Know Your IPO

In his "Know Your IPO" segment, Cramer highlighted Acacia Communications (ACIA) , the optical networking company that came public on May 13 and has since rocketed up 160%.

Arcadia makes equipment that's integral to the Internet's infrastructure, Cramer explained, and the company is disrupting the market with new technology that's in high demand. Acacia posted 79% year-over-year revenue growth and is struggling to keep up with demand.

There are risks associated with Acacia, however, and Cramer noted the company has a high concentration of revenue in just a handful of customers. Nearly half the company is owned by just two shareholders.

Trading at 25 times earnings makes Acacia far too cheap given its growth rate, Cramer concluded, but only shareholders who are willing to accept the speculative risks should own it, and even then only on a pullback.

Oil's Recovery

Will the price of oil make a V-shaped recovery or a U-shaped recovery? That's the question that's on many investors' minds. Cramer told viewers wher they should be taking their cues.

Cramer noted Core Labs' (CLB) CEO feels strongly that a sharp V-shaped recovery is in the cards for oil, but in a recent Morgan Stanley (MS) research report, the firm saw the oil glut continuing and keeping prices low until 2017.

But Cramer said he's listening to what Schlumberger (SLB) , an Action Alerts PLUS holding, has to say, as Schlumberger was the only company that saw the perfect storm for oil coming in the first place.

Schlumberger said on its earnings call that oil should continue its slow and steady recovery and that demand should only accelerate as we close out 2016. The company sees steady demand and a huge decline in production only helping to bolster prices from current levels.

Executive Decision: Beth Mooney

For his "Executive Decision" segment, Cramer spoke with Beth Mooney, chairman and CEO of KeyCorp (KEY) , the regional bank that's on the cusp of closing its merger with First Niagara Financial (FNFG) .

Mooney confirmed the merger with First Niagara will close on Aug. 1, increasing the size of KeyCorp by 40% and making the combined entity the 13th largest bank in the country. She said the merger is good for customers, shareholders and the communities they serve and will provide meaningful growth for the future.

When asked about her business, Mooney noted that KeyCorp saw 5.5% loan growth this quarter, driven largely by commercial lending. She said businesses are willing to expand their operations, but so far, investing in capital equipment remains weak.

Cramer said he's a big fan of the new KeyCorp and of the company's recent 13% dividend boost.

Lightning Round

In the Lightning Round, Cramer was bullish on Manitowoc (MTW) , Frontier Communications (FTR) , Verizon (VZ) , Ventas (VTR) and Hewlett Packard Enterprise (HPE) .

Cramer was bearish on Skechers USA (SKX) , LTC Properties (LTC) , Pure Storage (PSTG) and US Bancorp (USB) .

Executive Decision: Richard Pops

In his second "Executive Decision" segment, Cramer also sat down with Richard Pops, chairman and CEO of Alkermes (ALKS) , the biotech company that's up 75% from its February lows.

Pops said millions of people in America are addicted to opioids and Alkermes' drug, Vivitrol, blocks the receptors in the brain to break the physical addiction process. Vivitrol is a once-monthly treatment and is the only non-addictive option available.

Pops is also bullish on Aristada, Alkermes' treatment for schizophrenia, which is a long-lasting injectable that is perfect for those with disorganized thinking and often fail to take their medication.

When asked about the company's depression drug, which failed to meet clinical milestones earlier this year, Pops explained that treating depression is a difficult task and most drugs on the market failed initial clinical studies, just as Alkermes did. "We don't give up," Pops added and he continues to believe in the drug's prospects.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL, SLB and TWTR.