Mad Money

Cramer Remix: Oil stocks in the house of pain

Cramer: These oil stocks are a house of pain

Jim Cramer refuses to be shocked or upset with the stock market anymore. He says that sometimes it is best to just remove all emotions from the equation and make decisions based on key metrics, comparisons and cold hard facts.

This was exactly why the "Mad Money" host was not shocked or troubled when he saw Procter & Gamble leading the Dow Jones industrial average down on Thursday. Instead, he became clinical and skeptical.

Another case of emotions at work instead of common sense was Facebook, the F in Cramer's acronym FANG—Facebook, Amazon, Netflix and Google—which represents growth stocks in the market.

Many investors wondered if Facebook deserved to be in the illustrious FANG group on Thursday when it reported a fantastic quarter but the stock got clobbered. But Cramer still believes in Facebook and says it belongs in the FANG cohort.

"Put aside the fact that I think you would look like a moron for selling Facebook here. Forget that the brilliance of Mark Zuckerberg and Sheryl Sandberg might make you feel like an idiot by comparison—that's certainly what they do to me," Cramer said.

After listening to Wednesday night's conference call, Cramer thinks that Facebook can earn $3.75 a share in 2017. That would make it the fastest growing large-capitalization company on Earth.

However, one group with numbers that just didn't add up for Cramer were a few of the oil stocks like Transocean and Seadrill. He warned that these two were in the house of pain, and to say far away.

Read More Cramer: A massive mistake to sell Facebook now

Mark Zuckerberg
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Cybersecurity is another group that has been in the house of pain lately amid Fed- and China-induced market selloff. However during the first half of the year it was one of the hottest themes out there, with stocks like FireEye up more than 50 percent.

FireEye has a machine-based cybersecurity platform that provides its clients with real-time protection from cyberattacks. However what makes FireEye unique is its specialty in forensics. Meaning, when a company gets hacked they call FireEye to figure out exactly what happened, sort of like "CSI Cyber."

The company reported a strong quarter on Thursday with a smaller than expected earnings loss and higher than anticipated revenues, growing 56 percent year over year.

Can FireEye's stock stay on fire? To find out, Cramer spoke with Chairman and CEO David DeWalt.

"We are clicking on all cylinders, the mandate in FireEye's acquisition has proven itself to get better and better every quarter, and I think the best is yet to come," DeWalt said.

Once again, Skechers has crushed the competition with a monster earnings beat. Cramer considers it one of the most well-managed footwear companies, and it has been on an epic multiyear run. Quarter after quarter, somehow it continues to trample Wall Street's expectations and send the stock higher.

Skechers reported a huge earnings beat on Wednesday night, posting $1.55 a share when the analysts were only looking for $1.01, and higher than expected revenue that increased 36.4 percent, year-over-year. It also posted double-digit increases in all three of its main business channels and 12.9 percent same-store-sales growth in company-owned stores.

To hear more about the quarter, Cramer spoke with Skechers' chief operator and chief finance officer, David Weinberg.

"We think comfort rules, and we are working very hard to bring comfort to the game," Weinberg said.

Read More Cramer: It's up 169% this year—with room to run

Adam Jeffery | CNBC

Cramer also decided it was time to take a closer look at the slowdown in China, because there are so many moving parts related to it that it completely boggles his mind. Its tentacles pretty much reach everywhere, especially when it comes to Apple.

"Nowhere is the Chinese-Related confusion greater than in cellphones, where everyone admits there is a slowdown but no one wants to say who things are slowing for, or why," the "Mad Money" host said.

Cramer's attention was piqued on the topic of cellphones, because China is both the marginal maker and marginal buyer of them. It is currently in an infrastructure transition to improve speed by switching from 3G to 4G, yet, no one knows where the build-out stands.

And of course, China is where most of Apple's big growth comes from. Yet, Apple has indicated that despite the slowdown in the Chinese economy, despite the fact that the entire Chinese stock market crashed, and despite the fact that all of the economic indicators are tanking—things are excellent.

The "Mad Money" host has no reason to doubt Apple or its CEO, Tim Cook. Perhaps sales have slowed since the quarter it just reported last week, but Cramer hasn't gotten that read.

"My view is that the hot money made a bet that cellphone sales in China would be going strong. Now the hot money wants out of that bet, including Apple," Cramer said.

Read More Cramer: Hot money's bad bite on Apple & China

Cramer was saddened when he heard the news that the CEO of PPG Industries Chuck Bunch announced he was retiring. He considered it the end of an era, as Bunch has led the way for big chemical companies like DuPont and Dow Chemical to move away from the commodity side of the business courtesy of the Bunch playbook.

Fortunately, the same day Bunch announced he was retiring two weeks ago, PPG reported a pretty solid quarter. However while the results were good, they came on a day when its competitor Sherwin-Williams disappointed, which took down PPG along with it.

To find out what the future could hold for PPG down the road, Cramer spoke with the chairman and CEO himself, Chuck Bunch.

"I'm going to stay actively involved in the company. I'm going to be involved in strategy, development, our acquisition strategy and most importantly our organic growth strategy. That is where we need I think to continue to improve in this challenging external environment," Bunch said.

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

Alcoa: "Alcoa is being lumped in with every single one of the commodity plays. It does not matter how well it is doing, or how poorly it is doing. If it's a commodity, the stock's going down. I say hold Alcoa."

Garmin: "I am a seller of Garmin. They did not do the number. I like FitBit, which reports next week."

Read MoreLightning Round: If it's in this group, it's going down