Jim Cramer: TJX Weakness Due to Unfavorable FX Exposure in Europe

Discount retailer TJX Companies reported lower third quarter sales on Tuesday and also lower-than-expected earnings forecasts. Jim Cramer says a lot of the weakness for TJX largely has to do with negative currency rates. He says TJX has a gigantic business in Europe and people don't seem to be taking that into account. TJX missed largely as a result of unfavorable FX exposure in Europe, not because its domestic business is struggling. He thinks it's important for retail investors to understand that many retailers have global exposure, and that global exposure, especially in a weak economy like Europe, can dampen earnings and offset strength in their U.S. operations. Even with the miss, though, Cramer remains confident in TJX's business model and believes it is worth buying under $60 off today's weakness.