If a company is kicked out of the Dow Jones industrial average, should the stock be bought or sold? That was the question on Cramer's mind on Friday, and he was surprised at what he found.
"You would think that being booted out of the Dow would be a death sentence for a given stock, but when you look at the performance of the last 10 stocks to have been kicked out, on average they have actually roared higher and performed much better once they were no longer a part of the venerable index," the "Mad Money" host said.
How could being removed from the most watched index on Earth be viewed more as a blessing than a curse?
Cramer explained that futures and ETFs create some very strange dynamics in the market that cause totally unrelated stocks to trade together because they are in the same basket.
Once a stock is kicked out of the Dow, it is no longer held hostage to the Dow futures traders who don't care about individual companies and are only interested in betting on the direction of the index.
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In this extremely difficult environment, Cramer recommended circling the wagons around the stock of high-quality companies that have strong positive catalysts and less exposure to the weakness of the global economy.
Charles River Laboratories is the contract research organization that provides universities and biopharma businesses with everything needed to discover new drugs and conduct early-stage clinical trials. Cramer regards it as the arms dealer to the pharma and biotech industries.
On Thursday, Charles River announced it would acquire competitor WIL Research for $585 million in cash. The acquisition will not only expand its client base and boost scale, but it will also allow the company to diversify into niche high-end service areas like safety assessments.
To learn more, Cramer spoke with Charles River Chairman and CEO James Foster.
"It expands our capabilities dramatically. It is a company that we have admired and respected for years as a scientific peer of ours…so larger capability, some new activities and expanded geographic reach and great science," Foster said.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Tesla Motors: "I have no desire to buy Tesla in this market. This is a very, very tough market. There is speculation that people want to be in it. I don't want to be in it."
Agrium: "No, way too hard. Did you see the way Potash trades? I think that it's still not too late to get out of Agrium."
Read MoreLightning Round: Not too late to get out of this