Tech Data (TECD) is one of the best-performing stocks Tuesday, up more than 10% after the company reported earnings on Monday after the close.
The company had an "amazing quarter," TheStreet's Jim Cramer said on CNBC's "Stop Trading" segment, pointing out that Tech Data beat on both earnings per share and revenue expectations. Sales increased more than 40% year-over-year.
While Tech Data had a bit of a shortfall a few quarters ago, it's "definitely back on track," Cramer said. He described the company as a "supermarket of all things tech" and said "business is far better" now.
It also has positive implications for other companies. Mainly that, if Tech Data is doing better than expected, that also means industries likes PC, the cloud, cyber security and software are doing better than expected as well.
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In fact, Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, even said Tech Data's report gave a little life to Western Digital (WDC) . Shares tumbled roughly 7% Monday following a "savage downgrade" by Morgan Stanley's Katy Huberty, (although it was "very well-reasoned" research). Western Digital is flat on the day now, but was higher in early Tuesday trading.
Tech Data's results could put a bid underneath tech stocks and help push them higher Tuesday, Cramer concluded.
Tech Data closed at $102.76, up 10.23% Tuesday
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