Cramer Remix: This stock's too cheap to ignore

Cramer: This stock too cheap to ignore

Jim Cramer couldn't believe his eyes when he saw all of the huge action going on with Ambarella lately. What the heck is going on?

Ambarella is the semiconductor company that makes chips for the high-definition video capture market. In other words, it makes the fancy chips that go inside of GoPro, but it can also be used for drones, surveillance and police body cameras.

The stock ran up going into its earnings report earlier in the month and then took off even higher after the company blew away the numbers. As of Friday morning, it was trading at $127, up more than 100 percent for the year.

"But, whenever a relatively new stock has such an enormous run, the critics are bound to start crawling out of the woodwork screaming that it's overvalued and deserves to go lower. Sure enough, that is exactly what happened here," the "Mad Money" host said.

On Friday, Ambarella was hit with a very negative note from Citron Research, which stated that the stock was ridiculously overvalued and deserved to trade down to $60. Since that time, Ambarella has lost 30 points in two sessions, including the 21 percent it lost on Monday.

When Cramer sees a stock plummet so fast just based on the opinion of the bears, he starts to question the stock. Are the bears or the bulls right?

"Still, in the wake of this monster selloff, I think Ambarella has become a rapid grower that's now too inexpensive to ignore. You're basically getting the company's most recent spectacular quarter for free at these levels," Cramer said.

So while the stock has had some extreme moves lately, Cramer thinks this could be the perfect entry point for the stock. The long-term story is compelling for him, and he wants in.

Read More Cramer: Ambarella—Toxic stock or the perfect buy?

A man waves a Greek national flag while standing at the premises of the parliament building during a rally in front of the parliament building calling on the government to clinch a deal with its international creditors and secure Greece's future in the Eurozone, in Athens, Greece, June 22, 2015.
Yiannis Liakos | Intimenews | Reuters

Cramer is amazed at what happens in the market when investors stop worrying about Greece. When the drama is finally quiet, cheap stocks are allowed to shoot through the roof.

"What shines through is a core group of very strong stocks with good fundamentals that can go higher, either because they are relatively cheap or they have tremendous growth," the "Mad Money" host said.

Cramer broke down this list of these golden stocks. First were the classic growth stocks, followed by bank stocks, technology, biotechs, industrials, apparel and then takeover targets.

Ultimately, Cramer thinks that those stocks that have been held back by the stock market because of European events are getting ready to blow. So, once Europe is finally out of the spotlight, it could be a good time for the bulls to make an appearance

Read More Cramer: Top 7 heavy hitter plays on Greece

Another group that Cramer has his eye on as a result of Greece are the healthcare stocks. If there is no Greek deal, then Europe will go down and take the U.S. with it. But if there is a solution to the Greece mess, then the market will rally and the Fed heads will start to talk about raising interest rates.

Either way, it's a lose-lose situation.

That is why Cramer has been stressing the importance of secular growth stocks, because they are the kind of stocks that can consistently deliver positive results, regardless of how the economy is doing. In particular, the healthcare cost containment plays.

One of the cohorts in this group that have had some real action lately is the insurance providers and health maintenance organizations. In particular, UnitedHealth Group, which has two main businesses. One is UnitedHealthcare, which is the largest health insurance provider in the U.S. The other is Optum, a pharmacy-benefit manager that also provides software and consulting.

"At a moment when UNH is trying to acquire Aetna, and Aetna wants to buy Humana, and Anthem's trying to snap up Cigna, just remember that UnitedHealth Group is the undisputed titan in this space, and at the end of the day, they're one of the few large insurers that actually has the scale, balance sheet and diversity of business to easily make any acquisition they feel like," Cramer said.

Leon Neal | AFP | Getty Images

Cramer sees two different types of takeover targets in the market right now: companies that can help their acquirers grow and those that have good business but not good enough to please the activist shareholders. That's it.

The first group of acquired growth pertains to deals like Anthem's attempt to buy Cigna. Anthem's infrastructure could handle all of the customers that Cigna would bring, and it would reduce a massive amount of duplication among the HMOs.

Then, there is the second category of takeover stocks, the kind that requires an activist to step in. Cramer has seen plenty of speculation from investors that suggests that all it needs is an activist to turn it around. Is that really the answer?

Currently, there is no strong leadership at Twitter, and the interim CEO is trying to do everything all at once. He is ridiculously trying to chauffeur his other company, Square, through the IPO process while trying to find a new CEO for Twitter.

"Given that absurd situation, I think Twitter could be an obvious target for activism," Cramer said.

While the logical acquirers of Twitter, such as Google and Yahoo, could still make a move on the company, Cramer doesn't think that will happen without an invitation to make a bid. That invite is something that activism could easily provide.

So, it might make perfect sense for an activist to step in on Twitter, Cramer doesn't think that will happen because it's not a win-win situation. And that's not something Twitter can provide right now.

Read More Cramer: Why activists wouldn't dare touch Twitter

Cramer also noticed Radius Health on a tear lately. This is a development stage biotech that has been on fire because of some strong data last week. Radius develops drugs for osteoporosis and other endocrine-mediated disorders.

And while the stock more than tripled in value in 2014, it was crushed with an industry-wide selloff this year. However, it looks like Radius is back in the game after it announced that its main osteoporosis drug showed in trial that it works better than the current standard of care, which is a $1.2 billion drug.

Can Radius fly even higher? To find out, Cramer spoke with its CEO Robert Ward.

"All of us when we saw this latest round of data took a step back and said wow this is really impressive," Ward said.

In the Lightning Round, Cramer gave his take on a few caller favorite stocks:

Opko Health: "Opko made an acquisition, Bio-Reference Labs, and everyone is freaking out saying it's no good. I say it is building a major pharma company. Stick with Opko Health."

American Capital Agency Corp: "I don't want you in AGNC! I think that's a bad situation. I don't like that yield. I think it's a yellow and red flag together."

Read MoreLightning Round: Get out! It's a bad situation