3 'Left For Dead' Stocks That Have A Lot Of Life Left, According To Jim Cramer

Earnings season can be brutal for stocks, especially for high-quality names that report a single bad quarter, Jim Cramer said during his daily "Mad Money" show Tuesday.

3M

3M Co MMM lost about 5 percent Tuesday and settled below the $200 per share mark -- a notable decline for a Dow component. The company delivered a 4 percent organic growth and showed that new products are gaining traction in a quarter that was "good but not great" at worst, Cramer argued.

But investors were "spoiled" by quarter after quarter of margin expansion at 3M. This time around, there was no margin expansion and earnings actually missed estimates by a penny. The end result? Investors sent the stock "right to the slaughterhouse" even though the company presented a compelling story for the bottom half of the year.

"I suggest you use this opportunity to buy some shares in one of the highest quality companies out there," Cramer emphasized.

Domino's

At first glance, Domino's Pizza, Inc. DPZ's earnings report was strong and highlighted by a 9 percent same-stores sales growth, Cramer said. But similar to 3M, investors focused on just one aspect of the report -- a weaker than-expected international growth and sent Domino's stock notably lower.

Domino's and its CEO Patrick Doyle "deserves the benefit of the doubt here after everything he's done right" over the years, Cramer added.

Hasbro

Finally, Hasbro, Inc. HAS should also be included in the list of stocks "left for dead" that are in fact high quality.

The toymaker reported a mostly in-line second quarter and it's difficult to find fault with the report, although the second quarter is historically weak and there's some degree of uncertainty heading into the company's analyst meeting next week.

"This quarter also caused the stock to get hammered last year, and you know what that happened to be: a terrific buying opportunity," Cramer said.