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We've seen big estimate cuts from the banks, mineral, mining and machinery companies, Jim Cramer told his Mad Money viewers Tuesday. Now the fun begins. Why is bad news fun? Because when a stock is down for so long, eventually, things start looking up.

That was the case when Goldman Sachs (GS - Get Report) reported what was a horrendous quarter today, with a 55% trough in profits. After a sharp initial decline, shares actually closed higher by 2.2% as investors posited that certainly the worst is now over, so it's time to get on board. Similar patterns emerged with Morgan Stanley (MS - Get Report) , up 2.8%, and Bank of America (BAC - Get Report) , a stock Cramer owns for his charitable trust, Action Alerts PLUS, which ended the day up 1.9%.

But it's not just the banks. Cramer said the mining and minerals sector has also gotten too cheap to ignore. Alcoa (AA - Get Report) shares are now up $1 from its post-earnings lows, and even Freeport-McMoRan (FCX - Get Report) has been able to stage a rally. So, too, with oil stocks including Chevron (CVX - Get Report) and some industrials.

Off the Charts

In the "Off the Charts" segment, Cramer checked in with colleague Bob Lang over the charts of the media stocks, which have been leading the markets higher.

Lang started with a daily chart of Walt Disney (DIS - Get Report) , which has been building a base since its February lows. This week, the stock broke out to the upside on high volume, with the MACD and Chaikin money flow both signaling a positive move. Lang's only fault with Disney is the stock is still below its 200-day moving average.

CBS (CBS - Get Report) has also seen a strong rally since its February lows, followed by base building. Cramer felt CBS was also still cheap at these levels.

Following similar patterns were Time Warner (TWX) and Comcast (CMCSA - Get Report) , which also saw February bottoms and sharp rallies afterwards. Lang noted the relative strength indicator, or RSI, was strong for Time Warner and he liked the positive Chaikin money flow for Comcast.

Of the group, Cramer said Disney remains his favorite, but all of the names appear in bull market mode.

Old Favorites on Fire

The consumer packaged-goods stocks have been on fire, including the stocks of Kellogg (K - Get Report) and J.M Smucker (SJM - Get Report) . Cramer took a closer look to find out why.

After looking at the obvious reasons of declining commodity costs and a weakening dollar, Cramer discovered there's something else going on at these two companies -- they're repositioning themselves for growth.

Kellogg has been underperforming for years, Cramer noted, with sales growth declining from 7.6% in 2012 to 4.2% in 2013 and then declining in 2014. But the company responded by cutting costs and new budgeting that has been increasing margins to offset the declines.

Beyond that, Kellogg has also vowed to remove artificial ingredients and is expanding overseas, two moves that will position it in the sweet spot of growth going forward.

Then there's Smucker, which has expanded its offerings beyond peanut butter and jelly and into the red-hot pet market with the acquisitions of Meow Mix and Milkbone. The company saw pet sales up 7% as a result.

Unfortunately, Cramer said, despite all of these positives, the stocks of both Kellogg and Smucker have run up too much and are too expensive. He recommended taking a pass until the next big pullback.

Off the Tape

In his "Off The Tape" segment, Cramer spoke with Ambarish Mitra, CEO of the privately held Blippar, a visual search and augmented reality startup.

Mitra explained that people are visual by nature, which means that you can't simply describe everything in a search engine. Blippar treats products as media, allowing customers to interact with them.

As a demo, Mitra pointed the Blippar app at an apple, which was instantly recognized and offered the user nutrition information, recipes and locations where to buy. Mitra said while fruit is a simple example, it can be applied to any object about which a person might be curious.

Lightning Round

In the Lightning Round, Cramer was bullish on Apple (AAPL - Get Report) , Web.com Group (WEB) , Smith & Wesson (SWHC) , Agco  (AGCO - Get Report) and RPM International (RPM - Get Report) .

Cramer was bearish on Pandora Media (P) , Golar LNG (GLNG - Get Report) , Sturm Ruger (RGR - Get Report) , Deere  (DE - Get Report) and Synergy Pharmaceuticals (SGYP) .

No Huddle Offense

In his "No Huddle Offense" segment, Cramer offered his thoughts on what to do with IBM (IBM - Get Report) and Netflix (NFLX - Get Report) , both of which posted disappointing results.

Cramer said IBM's problem is it cannot reinvent itself overnight. While its legacy businesses are declining, its new, higher-growth businesses are not yet bearing fruit. Longer term, Cramer remains bullish on IBM but admits the short term will continue to be a challenge.

Netflix is tougher, Cramer said. The company beat on earnings but offered quizzical guidance. With shares down 12.9%, the company is now guilty until proven innocent, but Cramer said he has every expectation that it will recover eventually.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL and BAC.