Even with J.C. Penney making a comeback, Cramer saw another company that is riding a powerful theme that he thinks investors should jump all over. Blackhawk Network Holdings, a leading global distributor of prepaid cards and gift cards, has logged a monster 55 percent gain in the past year.
The gift card and affinity-card business has been hot lately, and clearly Blackhawk was one of the best ways to play it. Additionally, Blackhawk announced the acquisition of Achievers Corp earlier last month, the leading provider of employee recognition and awards solutions.
Yet, thanks to the marketwide selloff recently, the stock is down 5 percent from its highs earlier this month. Could this be a good entry point for it?
To find out, Cramer spoke with Blackhawk CEO Bill Tauscher.
"We had a series of events. We increased the amount of acquisitions we were doing, we had this tremendous tax benefit and we spun out. Then we have a digital business growing like mad. Everybody assumed something must be wrong somewhere, because it just didn't seem to all make sense. In fact when they got all of the numbers, they found out that each one of those cylinders is hitting quite well," Tauscher.
Cramer found that energy related master limited partnerships, or MLPs, were hit hard this year. This was courtesy of the plummeting price of oil and fears that the Federal Reserve will raise interest rates. However, considering the attractive yield and chatter among Wall Street analysts recently, Cramer wondered if it was time to dig through the MLP rubble to see if there was anything worth investing in.
Cramer was especially interested in this group because the Alerian MLP ETF made a new four-year low earlier this month, the price of oil appears to have stabilized and the slowing global economy could signal that the Fed will wait before it tightens.
Thus, many analysts have begun to note that high-yielding MLPs could be more attractive versus bonds. Just last week, Credit Suisseupgraded the entire group and pointed out that the average MLP sports a 7.8 percent yield.
Additionally, Credit Suisse noted that when MLPs rebound, they do so dramatically. Since the financial crisis, Cramer stated that the MLP stocks have typically provided a 40 percent return in the first eight months after they bottom. However, first the stocks need to stop going lower.
"I certainly think there is plenty of value to be found in the energy related master limited partnerships, but this is one area where you really need to pick your spots. Thanks to the recent selloff, the whole MLP space has been taken down in lockstep, the good coming down with the bad," the "Mad Money" host said. (Tweet This)
That means that while there are some MLPs out there that are dramatically undervalued, others could still be dangerous and deserve to go lower.
In Cramer's playbook of rules in the current environment, he emphasized to own the MLPs with the least commodity price exposure, such as the pipeline plays. Pipelines tend to operate like a utility, changing a fee based on the volume of oil or gas that it transports. Thus, it has less of a direct connection to the actual price of oil.
Read More Cramer's danger zone stock pick: Top oil MLPs
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Cree Inc: "It's down so much I can't recommend you sell it. They have missed the quarter, missed the quarter, missed the quarter. You miss it so many times, obviously you're going to be punished. That's where they are."
Invensense Inc: "A lot of people played this one. You know what? Maybe I'm getting conservative in my older age. but this one is too dicey for me."
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