TheStreet's Action Alerts PLUS Co-Portfolio Manager Jim Cramer says if you see a stock down as much as Best Buy, wait for the second day of trading before making a decision to buy. Analysts who were bullish on Best Buy shares through the $30 level were optimistic there would be no real gross margin degradation and same-store sales would be up. Instead, the opposite happened and analysts are now saying Best Buy is more like Amazon. If you really think the company is making a comeback, wait until tomorrow to buy shares of Best Buy.

At the time of publication, Cramer was long ___.

More from Video

Video: Jim Cramer on the Markets, Tiffany, Micron Technology and Union Pacific

Video: Jim Cramer on the Markets, Tiffany, Micron Technology and Union Pacific

Venture Capitalists Are Still Feverishly Searching for the Next Facebook

Venture Capitalists Are Still Feverishly Searching for the Next Facebook

Stocks Move Lower on Trade Fears and 4 Other Stories You Must Know Wednesday

Stocks Move Lower on Trade Fears and 4 Other Stories You Must Know Wednesday

10 Seconds to Genius: Lowe's New CEO Marvin Ellison

10 Seconds to Genius: Lowe's New CEO Marvin Ellison

Replay: Jim Cramer on the Markets, Oil, General Electric, Zillow and Micron

Replay: Jim Cramer on the Markets, Oil, General Electric, Zillow and Micron