This weakness presents terrific opportunity, says Cramer

(Click for video linked to a searchable transcript of this Mad Money segment)

Like Warren Buffett so often says, sometimes it pays to be greedy when others are fearful.

Jim Cramer thinks that's exactly the case in Domino's Pizza which sold-off more than 5% after the company reported earnings.

The sell-off may seem somewhat counter-intuitive. Domino's Pizza second-quarter profit rose 19 percent as sales grew in established stores and the pizza chain opened new locations outside the U.S.

"However, when you have a turbocharged stock that has doubled over the last twelve months, you have to knock the ball out of the park. Domino's didn't do that," Cramer explained.

Looking at the numbers a little more closely, Domino's earned $33.3 million, or 57 cents per share, for the period ended June 16. Analysts, on average, expected earnings of 56 cents per share, according to a FactSet poll.

"That's basically in-line," Cramer explained. "The Street sees that as 'nothing to write home about.' Therefore the stock got poleaxed."

Business investing investor markets
Ivan Bliznetsov | E+ | Getty Images

Nonetheless, as an investor, that poleaxing is exactly what Cramer wanted to see.

"I think this weakness could be a terrific buying opportunity," he said.

First, Cramer reminded that some of the results were bullish. "Domino's did produce some excellent same store sales numbers, a 6.7% increase domestically and a 5.8% increase internationally, that exceeded the analysts' expectations."

However, more important, Cramer sees Domino's as a growth story and he thinks there are many chapters left to that story.

Read More from Mad Money with Jim Cramer
As turmoil grows, Europe lands on Cramer's radar
This company getting Street's attention, says Cramer
Hold the cream, Cramer prefers soy in his portfolio

"Remember, Domino's is one of the premier international growth stories out there, with a brilliant understanding of mobile technology. They have over 10,300 locations in more than 70 countries, and the company's adding 500 new international restaurants a year. Plus, Domino's is still eons away from saturating even their largest overseas markets," he said .

Also, looking back at the price action over several years, buying into weakness has been shrewd, historically.

"Domino's has generated a whopping 537% return since I first got behind it in January of 2010. For years this stock has been a terrific buy on weakness," Cramer said.

All told, Cramer is convinced, "the weakness presents a terrific opportunity," he said.

Call Cramer: 1-800-743-CNBC

Questions for Cramer?

Questions, comments, suggestions for the "Mad Money" website?