Jim Cramer's Mad Dash: CarMax's Remarkable Earnings Report

NEW YORK (TheStreet) -- Some of the automotive-related stocks are catching a break on Friday. Goldman Sachs upgraded AutoNation (AN) to buy from neutral, while shares of CarMax (KMX) are up 14% on a top and bottom line earnings beat. 

CarMax's earnings report was the "best quarter of the week," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Cramer's Mad Dash" segment. 

People continue to buy cars, he added, saying that increased car sales is a sign that the economy is indeed improving. Workers needs cars to get to work, and a job to pay for that car, he said. 

Turning to Owens Corning (OC), shares are lower by roughly 4%. The company missed on top and bottom line estimates, and says its roofing business could decline by as much as 20% in the first half of 2014. 

Cramer acknowledged that the harsh winter months hurt a lot of companies, but the poor weather should actually be good for the roofing business. 

He suggested that consumers are putting more money into cars and less money into housing -- with the exception of the upper class. 

He also questioned whether Home Depot (HD) would report a weaker-than-expected earnings result. The housing market is a "mixed picture," with some companies doing well, and others poorly. Cramer concluded that he still likes Masco (MAS).

-- Written by Bret Kenwell in Petoskey, Mich.

Sneakers at Work Are Running Up Sales for Nike, Foot Locker

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

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Closing Bell: LIVE MARKETS BLOG

Closing Bell: LIVE MARKETS BLOG