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"All stand outs from the quarter, all realizing their formerly unrealized potential, and all low-expectation places to be as the dog days of summer unfold," the "Mad Money " host said.
These four companies all were once the darlings of retail that at various points crushed shareholders. Cramer clarified that the slides didn't necessarily occur because of the actual performance of the companies. It was because of an impossible bar that was set too high for them from over-enthusiasm for the products themselves.
When Etsy came public in April 2015, it traded at $30. It was supposed to be the next Amazon, but for handmade crafts.
"Right out of the chute Etsy let people down, even as it was most certainly sacrificing the short-term numbers for long-term success," Cramer said.
That long-term perspective of Etsy's finally came to fruition this quarter when it reported a large jump in active sellers, 39 percent revenue growth and 64 percent adoption of its mobile app. When Cramer backed out the one-time issues and hit taken from currency, he found it was actually profitable.
Cramer now wonders if Etsy, once left for dead by Wall Street, is one of the more undervalued growth stocks out there.
Meanwhile, GoPro reported a 20 percent gain in revenue with an 11 percent increase in average selling price. To Cramer, it indicated that the reduction in inventory is finally coming to an end. The camera maker is also about to unveil a series of new products.
"I think it could be a good trade — not an investment — going right into the October momentum peak like we saw a few years back," Cramer said.
Meanwhile, it was hard for Cramer to think of another stock that was more hated than Groupon a few years ago. This quarter represented pure potential, as it turns around its core business and eliminates franchises. Cramer liked that it has $780 million in cash and a market cap of $2.9 billion, as it indicates that it could do acquisitions easily.
The most notable of the bunch was Fitbit, which impressed Cramer with its product lineup and strength of the health and wellness franchise.
"I have to tell you that even though its stock has been a dog, Fitbit the company actually never really disappointed with its earnings, it just repeatedly stung shareholders with its pitiful guidance. Not this time, though, " Cramer said.
Cramer expects the holiday season to be strong for Fitbit after 46 percent year-over-year revenue growth and tremendous adoption in Europe in the second quarter.