Shares of Seagate Technology (STX - Get Report) are off session highs Monday, but the stock is still surging, up 10% after the company beat on earnings per share and revenue expectations for its fiscal first quarter.

Despite a year-over-year revenue drop of 6.1%, "they reported a very large upside surprise" in earnings, TheStreet's Jim Cramer, pointed out on CNBC's "Mad Dash" segment. The company reported earnings of 96 cents per share, easily topping the 85 cents per share analysts were expecting.

Seagate manufactures disk drives, which isn't quite as sophisticated as DRAM and flash storage. But this could mean that demand is gaining strength for the PC industry, which is positive for companies like HP Inc.  (HPQ - Get Report) , Cramer reasoned.

The rally in Seagate along with its strong results may kickstart short-squeeze rallies in other names, too. While they are not directly related, it will likely have investors rethinking Western Digital (WDC - Get Report) , Micron (MU - Get Report) , Lam Research (LRCX - Get Report) and Applied Materials (AMAT - Get Report) -- the last of which also received an upgrade from Goldman Sachs. Perhaps even Texas Instruments (TXN - Get Report) will see some upside ahead of its Tuesday earnings report after the close, Cramer said.

Indeed, all of these stocks are in the green so far on Monday. Investors were not expecting this good of a result from Seagate. It caught a lot of them off-guard, Cramer suggested. Investors were looking for a shortfall that never came and it's off to the races now, he concluded.

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