One stock on Cramer's radar that is still cheap in a world of overvaluation is Perrigo. This company is the largest maker of private label over-the-counter drugs, with a generic drug business that is growing and a small proprietary drug business.
While consumers have more money in their pocket to burn with cheap oil prices, Cramer still thinks the scars of the great recession are there and they will buy private label store brands.
Though the stock has pulled back recently, Cramer still thinks it could yield long-term gains once it completes its recent acquisition of Omega Pharma. To find out what could be in store for the future, he sat down with Perrigo Company CEO Joe Papa.
"We will go from being in about six countries, commercially, to about 38 countries. We think that is the real exciting part for us," said Papa.
Another stock that stirred the pot on Thursday was Wal-Mart when it announced it would increase the wages of its 500,000 employees by approximately a dollar an hour, and ultimately take a hit on next year's earnings to do so. And while Cramer thinks this move is awesome, he is also concerned.
"All I can say is hallelujah. This move, a big break with the past, shows that the new CEO Doug McMillon gets it," said the "Mad Money" host.
Yet there is a big problem: Wal-Mart is still paying much less than most other quality retailers. For instance, the average pay at Costco is $21, while the average pay at Wal-Mart next February will be $10 an hour.
"Costco's probably the single-most generous retailer in the country when it comes to benefits, which, as we know can be worth far more than hourly wages in many cases when it comes to keeping the best employees," said Cramer.
Read More Cramer: The one big problem with Wal-Mart's stock
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
CBS Corp.: "If it comes down, you want to buy it back because they are in there buying the stock back with you."
Box Inc.: "I think Box is fine, it's long term and I'm not looking for them to shoot the lights out in the first quarter. I like the stock long term."
Read More Lightning Round: This franchise is dynamite