Profits for the oil giant came in line with analysts' estimates, but fell over 30% year over year. The company announced 6,500 job cuts, has been canceling projects "left and right" and production fell 11%, TheStreet's Jim Cramer said on CNBC's "Stop Trading" segment.
Still, the stock is rallying on the day. That's a sign of a market bottom, said Cramer, the co-manager of the Action Alerts PLUS portfolio.
Royal Dutch Shell CEO Ben van Beurden was bullish in April, but that turned out to be "totally wrong," Cramer added.
Cramer also spoke on Sketchers USA (SKX) - Get Report, which is soaring nearly 13% after reporting earnings per shares of $1.57, a whopping 56 cents per share above analysts' estimates. The company also topped revenue expectations, which grew 36.4% year over year.
These are "amazing numbers," Cramer said, as margins expand and as the company continues to grow sales in China.
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.