Sometimes, one of the few things that can get a stock roaring is when an activist investor decides to get involved with a company. But Cramer says to watch out, because activism is not always a good thing.
Cramer shared the cautionary tale of Timken, which was wrecked by activists who simply didn't know what they were doing.
"It is important to remember that activism does not always lead to positive results. In fact, sometimes these activist investors turn out to be dead wrong and their meddling actually destroys value," the "Mad Money" host said.
Timken was a classic cyclic stock, a maker of high-performance and alloy steel as well as various mechanical components. In 2011, business began to slow due to the worldwide economic uncertainty of the time, and the stock started to trade sideways.
In late 2012, activists pounced on the company. Both Relational Investors and the California state teacher's retirement fund took Timken under siege. They wanted Timken to break itself up into two separate companies: one for highly engineered mechanical components and one that would be more of a commodity steel maker.
The worst part is that the activists from Relational Investors who pushed for the breakup didn't even stick around. They sold a large chunk of their Timken position in the second quarter of 2014, right before the breakup, and the rest in the third quarter into the spike after the spinoff.
"Just because activist investors get involved with a particular company, that does not necessarily mean they will create value," Cramer said.
Read More Cramer's tale of horror—activism ruined this stock
Opko Health is another stock that has taken a beating recently. The $5.2 billion biotech company that has a major sideline in making diagnostic tests roared up more than 90 percent in the beginning of June from the strength of its diagnostic and pharmaceutical business.
However, in the past few months the stock has lost more than half of its value. Cramer attributed the loss to June 3rd when Opko announced it was acquiring the full service clinical laboratory company Bio-Reference Laboratories for $1.47 in all stock. Wall Street hated the deal, and the stock sank 15 percent he day it was announced.
To hear the story straight from the source, Cramer spoke with Opko Health's chairman and CEO, Dr. Phillip Frost.
"In all my years of being in the pharmaceutical business this is probably the best and most interesting acquisition I've ever made," Frost said.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Cypress Semiconductor: "The stock has been killed, the yield is fine. What can I say? It is in a bear market, and it is a cheap stock. I can't back away from it now with that yield."
Blue Buffalo Pet Products: "We looked at it and we thought it was expensive versus its growth rate, and that has been proven by the fact that the stock keeps going lower."
Read MoreLightning Round: Yield is too attractive to ignore on this