Tuesday is showing a mixed picture when it comes to earnings, but one stock not singing the blues is Baker Hughes (BHI) , shares of which are up roughly 6%. The company missed on revenue expectations but topped earnings per share estimates.
Domestic shale companies have lowered their cost basis enough to where drilling for oil is now a profitable endeavor, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment.
When oil toppled lower, it still cost producers too much to extract the oil. Now, with advances in U.S. technology and a rebound in crude oil prices, drillers can make a fortune if they're in the right places, Cramer said, such as the Permian or Eagle Ford basins.
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.