As investors have flocked to industrials stocks like Caterpillar (CAT: 114.04 +0.20%) and United Technologies (UTX: 81.74 +1.82%) in recent weeks, Cramer’s CANDIES stocks have underperformed the S&P 500. In fact, Chipotle is the only stock to have outperformed the S&P 500 index since Cramer announced this list of CANDIES stocks on June 3rd.

Cramer is still very committed to these seven stocks and believes they are resilient enough to bounce back from their recent subpar performance. On yesterday’s Mad Money show, Cramer reviewed the earnings performances from the five CANDIES stocks have reported so far.

Chipotle
Cramer called Chipotle’s second quarter results “absurdly unbelievable”. Rising Same-store sales (SSS) and a phenomenal growth rate has this stock primed for further gains.

Apple
Apple reported an “insanely great beat” driven by strong Mac, iPod and iPhone sales. Even in Europe, Apple saw sales jump 66% despite many people writing off Europe as a “challenged area”.

Deckers
Deckers reported earnings that were $.13 above Wall Street’s expectations driven by a 34% growth in revenues. Cramer believes this demonstrates that the bull market is alive and well in the shoe sector.

Intuitive Surgical
ISRG reported similar strong growth with revenues up 34% and earnings $.15 higher than the Street was expecting.

Netflix
The one CANDIES stock that disappointed investors was Netflix. However, Cramer believes that investors over-reacted to NFLX’s earnings. “’m standing by it because of its stable and growing subscription business” said Cramer.

Netflix did beat consensus estimates and raised their guidance, but they also reported a 7% decline in revenue per customer. Cramer believes that Wall Street analysts are too focused on the declining revenue per customer at Netflix and ignoring its fabulous subscription growth. The number of Netflix subscribers reached 15 million this quarter, and increase of 42% from last year.

Cramer pointed out that the earnings estimates for all of seven the CANDIES stocks have increased 30 – 50% year/year. The only exception was Deckers (DECK: 87.25 +1.21%), which only increased by 15%. However, Cramer says “the analysts are wrong” about Deckers, and the stock is up 118% since last year.

A review of the seven CANDIES stocks:

C – Chipotle Mexican Grill (CMG: 374.02 0.00%)

A – Apple (AAPL: 476.68 +1.67%)

N – Netflix (NFLX: 124.00 -3.03%)

D – Deckers (DECK: 87.25 +1.21%)

I – Intuitive Surgical (ISRG: 491.915 -0.42%)

E – Express Scripts (ESRX: 50.78 -0.42%)

S – Salesforce.com (CRM: 123.80 +0.81%)

On the other end of the spectrum is Research in Motion (RIMM: 16.49 -1.32%). This was formerly one of Cramer’s favorite picks, but stock has been delivering disappointing earnings growth. As a result RIMM shares are down 24%, but Cramer still doesn’t think the stock is cheap. Most Wall Street analysts agree and are suggesting that the stock price will go even lower.

It seems like Research in Motion may be the next Nokia (NOK: 5.21 +1.56%) or Motorola (MOT: 0.00 N/A). Both stocks have substantial declines in earnings momentum and as a result they are now trading near their 52-week lows. Research in Motion is losing market share to Apple (AAPL: 476.68 +1.67%) and doesn’t seem to have any product on the horizon to compete effectively with the iphone.