On a wild day for the stock market, with stocks erasing their losses ahead of the closing bell, CNBC's Jim Cramer wanted to address what caused the craziness in the first place.
"[Investors] went nuts for fixer-uppers and ... punished consistent companies that are actually well-run," the "Mad Money" host said, pointing to one particular fixer-upper whose gains jumped out at him: jewelry maker Tiffany & Co.
Shares of the once-scorned Tiffany roared over 23 percent after the company delivered its first-quarter earnings report, with same-store sales and jewelry demand far exceeding expectations.
The New-York-based retailer earned $1.14 per share versus analysts' expectations of 83 cents. Same-store sales growth came in at 7 percent, overshooting expectations of only 2.6 percent.
Tiffany also saw strength in new product lines, with sales in the Americas climbing 9 percent and Asia-Pacific sales jumping 28 percent in the three months ended April 30.
"They've made extraordinary strides at improving their execution," Cramer said.
But one thing in particular stood out to Cramer in terms of Tiffany's turnaround: the appointment of former Bulgari and Diesel executive Alessandro Bogliolo as its new CEO.
"Talk about the right guy for the job," the "Mad Money" host said of Bogliolo, who took on the role in Oct. 2017. "Almost overnight, he's transformed what was once the stodgiest and least-up-to-date luxury retailer around into a growth powerhouse."
Beyond the numbers, Bogliolo pushed Tiffany to release a new product line called Paper Flowers, which Cramer called "a total refresh" compared with the old-line jeweler's traditional collections.
The new CEO also refurbished the company's online business and introduced new slogans like "Believe in Love," which he cited as part of the reason for Tiffany's double-digit growth in engagement ring sales.
"Bogliolo doled out credit and was incredibly self-effacing, talking about how the whole segment did well in retail, not just Tiffany," Cramer said. "The stock deserved to roar today, although that 23 percent [move] seems a little, let's say, in excess. But Bogliolo is the real deal."
Shares of Tiffany finished the day up over 23 percent having reached a new 52-week high. All in all, Cramer took the monster move as a sign that emotional markets can surprise you.
"Today's action tells me that you need to keep your eyes open for change because, boy, oh boy, has it ever been rewarded," the "Mad Money" host said. "Or, to put it another way, instead of being so blown away by the new Tiffany designs, I should've been blown away by how the stock had failed to keep up with the changes going into the quarter. And while this move seems extreme, it's hard to dislike a market that can get this excited about an earnings report."