Jim Cramer calls Snowflake the hottest stock in this market

Earnings season is the time that separates the contenders from the pretenders. 

The headlines from the previous three months mean almost nothing when the print of the company’s quarterly financials are finally released. 

Related: Jim Cramer takes shot at Bob Iger, Disney’s ‘disappointing’ performance

But picking winners and losers goes deeper than just looking at top- and bottom-line beats and misses. The true performance of a company’s quarter is often found by reading between the lines. 

CNBC’s Jim Cramer has spent his career reading between those lines, and on Nov. 30 he picked out three of his biggest winners from this round of earnings. 

“We had three of the best business people in the world on (his show) last night. I think that all three have stocks that can go higher after these magnificent quarters. (CEO Marc) Benioff-Salesforce  (CRM) – Get Free Report, (CEO George) Kurtz-Crowdstrike  (CRWD) – Get Free Report and (CEO Frank) Slootman-Snowflake  (SNOW) – Get Free Report,” Cramer tweeted Thursday. 

Cramer has a strong case for each of the three tech companies he highlighted on social media, but there was only one that is the hottest stock an investor can buy at the moment. 

“Because of the cost of computing, including AI, many companies are turning to Snowflake to ‘rent’ the cloud and the SNOW analytics because it’s less expensive and more discrete/discreet,” Cramer said. “Slootman is a take no prisoners kind of guy. They bought back a ton of stock.”

Snowflake reported strong third-quarter results after the closing bell Wednesday and was rewarded with a 4.6% bump in the stock, at last check, Thursday afternoon. 

Snowflake is “one of the hottest if THE hottest stock in this market,” according to Cramer. 

“It’s really important to recognize that when rates go down there will be people who buy stocks like Snowflake because of momentum. This was one of the hottest if not THE hottest stock in this market, but very few holders knew what it does,” Cramer said.

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