Cramer said, if Coke can deliver inline earnings when things are bad, that bodes well for the future now that both corn and aluminum prices are falling and rival PepsiCo ( PEP) is in the middle of restructuring efforts.

Coke trades at 16.5 times earnings and is just off its 52-week high. Cramer said that may seem expensive until investors look back at the company's 10-year historical average, which is 23 times earnings. Under that lens, shares of Coke are near a 20-year low.

Off the Charts

Have shares of IBM ( IBM) formed a bottom? In the "Off the Charts" segment, Cramer went head to head with colleague Carolyn Boroden to find out. IBM shares barely budged after the company reported a 13% dividend boost and a sizable addition to its already considerable stock buyback program.

Using a technique called "symmetry," or "measured moves," which theorizes that stock swings in the same direction tend to be of the same size, Boroden was able to calculate a "comfort zone," a good time to buy a stock that has just about completed its correction. Cramer said this method may seem silly but is actually quite accurate.

Boroden noted that shares of IBM tend to pull back in a range of $16 to $28. That suggests IBM's recent pullback should end between $192 and $196 a share. Sure enough, shares hit an intra-day low of $196.70 yesterday before rebounding then rising again on today's earnings and dividend news.

Boroden uses the same technique for Conoco-Phillips ( COP), predicting a range between $70 and $71 a share, just 50 cents below current levels. If Conoco is able to hold that level, Boroden felt shares could rally to $80, given the company's breakup plans.

Bed Bath & Beyond ( BBBY), another decliner, should stop between $65 and $66 a share, according to Boroden, creating another opportunity to buy.

Cramer said he agrees with Boroden's analysis, calling all three stocks winners on both the technicals and fundamentals.

No Huddle Offense

In his "No Huddle Offense" segment, Cramer opined on the coming Facebook IPO, telling investors that he would still be a buyer of this hotly anticipated offering unless shares are priced at outrageous levels.

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