Shares of HP Inc. (HPQ) - Get Report are up 6.5% Thursday after the hardware part of the former Hewlett-Packard reported earnings.

The move higher might come as a surprise to some, considering the company missed revenue expectations and reported declines in many of its businesses, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment.

HP reported a 10% drop in personal systems, a 16% drop in printers and 16% drop in consumer revenue, he added. Although the company has some impressive partners in its 3-D printing efforts -- BMW, Nike (NKE) - Get Report and Johnson & Johnson (JNJ) - Get Report -- these declines are still discouraging.

Yet, some analysts were congratulating this company. Lack of growth deserves no congratulations, Cramer argued. He noted one analyst, Toni Sacconaghi, was harsher in his assessment of HP.

"I'm with Sacconaghi," Cramer said, because HP just isn't doing very well right now.

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