Take PepsiCo. "It delivered you exactly what we've come to expect from [CEO] Indra Nooyi's PepsiCo, a dependable set of numbers with great execution and a lot more organic growth that Coca-Cola," Cramer said.
So why did its stock go down when it reported? Because PepsiCo's shares ran up from $103 in February to $114 heading into the quarter, one of the best moves in the packaged goods space.
"PEP just isn't going to be rewarded for doing its usual great stuff after that kind of advance," Cramer said. "So you get this kind of pullback, the kind of pullback that lasts for a couple of days and then you buy."
Aerospace giant Boeing saw a similar effect on its stock after surprising the market with strong cash flows and order numbers as well as belated gains from its newest airplane, the Dreamliner.
Cramer argued that the stock had already seen a massive run from $142 to $184 after the U.S. election, partly due to President Donald Trump's victory and partly because of better-than-expected earnings.
"Even though the numbers were terrific, though, it wasn't terrific enough. I don't know if anything could have been enough to move the stock higher after that move," he said.
Procter & Gamble's earnings were not particularly stunning to Cramer, though the household goods and personal products maker still beat estimates.
The company's organic growth has been lagging at 1 percent, but when Nelson Peltz's activist fund Trian Partners took a $3.5 billion position in the stock in February, it soared above $90 and has hovered near that high since.
"You need to understand that while the quarter wasn't anything fabulous, Nelson Peltz is pretty much the only large, engaged investor where it's paid to buy the stock he likes after he's announced a position," Cramer said. "This is your chance to piggy back on his yet unannounced plan for what he wants to do with Procter. I think it's a gift to get it down here at $87."
Finally, Texas Instruments' stellar quarter seemed to have left the market wanting more after the semiconductor play's tear from $67 just before the election to $82 ahead of its report.
"It had to do far more than magnificently if it was going to do what the stocks of Caterpillar or McDonald's or DuPont did, report some number that seemed insanely better, almost alchemy," Cramer said. "It didn't. It's consistent. Consistency means no surprises [and] solid numbers."
At the end of the day, all investors want to own the stocks of companies that continue to outperform and occasionally shock the market with incredible results.
"But we also need reliable, consistent performers that allow us to sleep at night, and if possible, we want to buy those at a discount," Cramer said. "We can't ask, 'What's wrong?' We have to say, 'This is our chance.' And that's exactly what I think PepsiCo, Boeing, Procter & Gamble and Texas Instruments are worth buying right here."
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