Home Depot gives Cramer stock ideas

If you're looking for opportunity, Cramer says the latest Home Depot earnings are rich with ideas.

The Mad Money host often looks at key companies for insights and the latest results from Home Depot suggest to him that a handful of stocks could have significant upside.

Looking at the headline numbers, in the third quarter, Home Depot's net earnings rose to $1.4 billion, or 95 cents a share, from $947 million, or 63 cents a share, a year earlier.

Analysts, on average, looked for a profit of 90 cents a share, according to Thomson Reuters I/B/E/S.

Sales rose 7.4 percent to $19.5 billion, beating the analysts' average estimate of about $19.2 billion.

However, for strategic stock picks, Cramer says you have to dig down. That's where you'll find "positive comps in kitchens, lighting, décor, lumber, electrical, and indoor garden."

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Therefore, "I would have to believe that Fortune Brands Home and Security (a company that sells kitchen and bath cabinets as well as plumbing and accessories) is doing pretty well. Masco (a company that also sells cabinets as well as insulation and paint) is probably doing well too," he said.

Cramer also noted from earnings that Home Depot experienced double digit comp growth for appliances. Although some of the growth may be due to showroom improvements, he still thinks the numbers bode well for a company such as Whirlpool.

"But perhaps the best and most pointed winner is Cree," Cramer said. Craig Manear, the executive vice president of merchandising, pointed out its Cree's new TrueWhite bulb was a fabulous seller because the bulb 'gives off some of the best natural color when compared to other LED bulbs.'"

Another company that Cramer turns to for stock idea is Dick's Sporting Goods.

After sifting through , "The callout here is simple: apparel and footwear are each selling well," said Cramer. To me, that means Under Armour remains a buy."

Wait there's more – Cramer also found ideas within Best Buy earnings

"It looks like tablets are the standout item," Cramer said. "That should bode well for Apple."

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And it should be noted that results can also dissuade Cramer from owning a stock.

For example, Home Depot said that millwork, flooring, plumbing, outdoor garden, building materials, hardware, and tools were positive but below the company average," Cramer added.

Therefore, "I wouldn't be jumping up and down about Stanley Black & Decker right now."

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