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NEW YORK ( TheStreet) -- "When you're dealing with earnings, it's all about the expectations," Jim Cramer told the viewers of his "Mad Money" TV show Thursday, as he outlined the pecking order for how some high flying tech stocks fared after they reported their quarterly results, and what to expect in the future.

At the top of the heap was Apple ( AAPL), a stock which Cramer owns for his charitable trust, Action Alerts PLUS . Cramer said Apple shares ran up ahead of the quarter, as expectations soared, and then sold off, even after delivering blowout results.

In the case of IBM ( IBM), the company also beat expectations, but shares had not run up prior to the results, so the stock was bid up after the announcement. The same pattern was repeated in Google ( GOOG).

Then there was F5 Networks ( FFIV), where the expectations were too great, and the company only met expectations. Shares of F5 were slashed by 31 points after the company reported on inline results.

Turning to the earnings misses, Cramer said Cree ( CREE) reported numbers nowhere near expectations, and was subsequently slaughtered. A similar pattern was seen in Western Digital ( WDC) and Intel ( INTC), another Action Alerts PLUS name. In these cases, Cramer said there were low expectations, as the markets see these businesses in secular decline. Even with decent earnings, no one cares, said Cramer.

Finally, there was Micron ( MU), a company that's transforming itself from a maker of PC style DRAM memory into a maker of the flash memory used in tablets and smartphones. In this case, Cramer said there were no expectations, meaning that Micron can pleasantly surprise investors as business improves.

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