Until very recently, Ulta Salon, Cosmetics & Fragrance was one of the hottest stocks out there. It suddenly fell off a cliff for no discernible reason, leaving Jim Cramer confused.
"Eventually all growth stocks run into the problem of great expectations, but if the story is intact, they ultimately bounce back," the "Mad Money" host said.
The question now becomes whether Ulta is a broken stock or a broken company. If the company is broken, work has to be done before investors can make a move. But if merely the stock is broken, it could just be a matter of time before it makes a comeback.