"Each day one came out and then another came out," Cramer said Thursday on "Squawk on the Street." "If they had all come out at once, the stock wouldn't have been pumped to where it was. It was a serial rollout of positives."
Best Buy shares tanked on Thursday after the company reported disappointing sales and revenue during the important holiday season, blaming losses on extreme discounts from rivals.
Cramer said the electronics retailer needs a "big reset," and that analysts erred in thinking the company could compete with online shopping outlets. He said the holidays were an "Amazon quarter."
(Read more: Best Buy plunges 30% on weak holiday report)