The co-portfolio manager of the Action Alerts PLUS portfolio said most analysts had been bullish on the stock, all the way into the upper $30s.
Those expectations were way off, Cramer said. The company reported sales fell 0.8% for the nine weeks ended Jan. 4, while analysts had expected growth and no real degradation in gross margins.
However, online sales were higher in the holiday period by 23.5%, creating chatter that Best Buy will try and become more like Amazon (AMZN).
Cramer advised investors who want to buy the stock to wait until Friday because these types of violent moves tend to pan out over a two-day period.
-- Written by Bret Kenwell in Petoskey, Mich.