With apologies to Cole Porter, the best slogan for this earnings season may be, "D-lightful, d-licious, d-lovely."
After taking a hard look at the price action in three stocks that start with the letter 'D' – Cramer identified what may be an important trend in the market broadly - just because a stock disappoints doesn't mean you should write it off.
When Disney reported earnings in November, shares slipped after the company's revenue number came in lower than expected. Specifically, revenue increased 3.2 percent to $10.78 billion from $10.43 billion a year ago, but fell short of the $10.92 billion analysts had expected.
Investors were also spooked by the company's decision to acquire the Star Wars franchise.
"But since the initial sell-off the stock has come back with a vengeance in part because people are getting wise to how smart the buy of the Star Wars franchise was, and in part because Bob Iger, the CEO, has a fascinating habit of addressing whatever weaknesses there are in the core enterprise," said Cramer.
In other words, selling Disney after earnings was the wrong trade.