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.

On Monday’s show, Cramer stated that even companies that get beaten down, like Dow component Caterpillar, can become attractive buys based on their stock’s weakness and on their long-term investment story. “Nobody really cares right now whether business is strong or not,” Cramer said. “They just feel these stocks got too hammered.” Those bullish comments along with better than expected second quarter results announced Tuesday morning helped lift Caterpillar’s stock 7.7%. 

The “Cramer Effect” was clearly the force behind H.H. Gregg’s 7.9% gain on Tuesday. The stock which typically sees trading volumes averaging 450k shares, saw over 2.9 million shares traded on Tuesday. Of course the reason for the big spike in trading activity was Cramer’s recommending the seventh largest appliance seller as a buy. Cramer believes that the fall of Circuit City has benefited H.H. Gregg. With the housing markets finally hitting a bottom, H.H. Gregg could be a place where consumers will go to buy needed items. The company also has plans to expand from 111 stores in the Midwest to 400 stores nationwide. With a multiple of only 14 and a long-term growth rate of 17.6%, Cramer believes the stock is cheap. 

Other Cramer bullish stock picks: 

BHP Billiton (BHP: 80.73 -1.27%) gained 4.3% – After Cramer applauded the market trend of buying industrial stocks ahead of the economic upturn

Murphy Oil (MUR: 61.20 -1.15%) rose 1.3% – “It is dirt cheap. I want to own this thing, and I want to own the group.”

China Unicom (CHU: 18.78 +3.07%) jumped 2.8% – “Yeah, I think that China Unicom is the way that they are going to sell the iphone in China… I have been buying China Unicom hand over fist.”