The largest U.S. home improvement chain reported third-quarter same-store sales on Tuesday that blew past Wall Street estimates, helped by repairs after Hurricanes Harvey and Irma. It also beat on earnings and revenue during the quarter.
The Dow component was slightly higher intraday Tuesday, trading near $166 a share — though the stock was down slightly earlier in premarket trade.
Cramer said investors tend to sell the stock on Amazon worries, and then a few weeks later the stock rises. "And I think that pattern will be repeated because they're one of the survivors," Cramer said on "Squawk on the Street. "And Amazon hasn't gone after them."
"Selling Home Depot ahead of the conference call has been time-honored," Cramer added. "And then you sell more because you're worried about Amazon."
The e-commerce giant, whose stock is up more than 50 percent this year, has been aggressive in its efforts to expand its retail presence, including through partnerships and major acquisitions. Yet, Amazon hasn't succeeded in amassing the same product assortments as Home Depot.
"That was a great comp," Cramer added about Home Depot. "The company is going to have a good quarter. They reaffirmed."
"When Amazon starts shipping plants, I'm going to rethink my analysis," Cramer said.
— CNBC's Lauren Thomas contributed to this report.