Netflix reported a blowout quarter with much better than expected subscriber growth and streaming revenue on Wednesday. The word for Cramer was "content." Netflix's original programming now accounts for five of the top 10 most searched TV shows worldwide.
Yet, many investors bet against the company. Wedbush reiterated its sell recommendation, stating that Netflix is overvalued, but that it has been consistently wrong about the stock and will likely be wrong for a bit longer as Netflix rolls out more quality content.
A bull case within a bear case. The only concession was that the analyst raised their Netflix price target to $68 from $60, even though it closed at $138 on Thursday.
"That's lunacy. I am waiting for Netflix to get to 200 million viewers … If they can get to 200 million, then the stock is a bargain even up here at $138," Cramer said.
Tesla has always been nothing but a "cult stock" for Cramer. This term refers to stocks that cannot be confined by the four walls of a spreadsheet and are still loved by investors. The issue for Cramer is that while the cars are amazing, it is unclear how many cars Tesla can build and how it will make money on them.
Long-time bear Morgan Stanley suddenly went bullish on the stock on Thursday when it pointed out that Tesla could make as many as 75,000 additional Model 3s's by 2018. And with all of the cars built in the U.S. and employing 25,000 people, Cramer said this could easily be a stock that thrives under Donald Trump.
"Both Netflix and Tesla, like Amazon, require you to think outside the box of traditional fundamental analysis in order to accurately value their stocks," Cramer said.
So, blame the untraditional love for Tesla and Netflix on Amazon. Cramer likes Amazon and Netflix, but remained cautious on Tesla. Just don't short these names, because that would be foolish in Cramer's book of rules.