Mad Money

Cramer Remix: Buy this stock when it gets hammered

Buy this stock when it gets hammered

Historically, October has been an important month to the downside for the stock market. It was the month that kicked off the Great Depression in 1929 and Black Monday in 1987. But Jim Cramer wants investors to remember that it can be a bullish month, with this month as the best so far in 2015, even if Friday ended on a sour note.

"One thing is for certain, with the Fed on hold, earnings were once again able to drive stock prices. I know that sounds obvious, but until this earnings season came around, the performance of individual stocks were pretty much in thrall to the S&P futures," the "Mad Money" host said.

So with one more week of high profile earnings ahead, Cramer went down the list of stocks and events he will be watching.

Monday: Visa, Estee Lauder, ISM Manufacturing, FitBit
Visa: Cramer considers this company to be a machine. A fantastic earner that never misses and not enough of its good qualities are reflected in its stock. Based on some of the strange buying opportunities that market has created lately, like the moronic selling of Starbucks, Cramer is hoping for a buying opportunity on earnings.

Friday: Non-Farm payroll numbers
Non-Farm payroll: The Fed's strange statement this week was interpreted as meaning if employment weakens then it won't tighten in 2015. But if employment and November is strong, expect a tightening in December.

That means bullish investors should hope for a weak number, and bears should get ready to buy banks and sell high yielding stocks if they think the number is strong.

"Me? I just want to buy good stocks at my prices and hold them," Cramer said. (Tweet this)

Read More Cramer game plan: What big jobs Friday will bring

With all the exciting activity of earnings season this week, Jim Cramer reminded investors that they may have missed the announcement of a major acquisition in the packaged food space.

On Wednesday, Snyder's-Lance announced it would acquire snack company Diamond Foods for a 16 percent premium, or $1.9 billion in cash and stock.

Diamond is the maker of Emerald nuts, Kettle potato chips and Pop Secret popcorn. Cramer recommended the company as a turnaround play this summer. Since that time the stock has risen 29 percent in less than five months.

This fantastic deal prompted Cramer to dig a little deeper and figure out if this could be the time for investors to ring the register and walk away, or decide if the new combined company is worth owning.

"Honestly, I think this is a brilliant deal and Snyder's Lance, LNCE, is absolutely worth buying now that they are rolling up Diamond," Cramer said.

Read More Cramer: This brilliant acquisition must be owned

Cramer has noticed a pattern of beaten down stocks in the right sectors that manage to rally even from weak numbers.

Eaton is the big manufacturer of electrical control products, power management systems, hydraulics, truck transmissions and aerospace components. It reported a 3-cent earnings miss from a $1 basis, with lower than expected revenues that declined 9 percent year over year, thanks to the strength of the U.S. dollar hurting the company's overseas business.

To make matters worse, Eaton cut full-year guidance for the second quarter in a row citing industry wide weakness. Yet somehow the stock managed to rally almost 3 percent on Friday. What the heck?

To find out more, Cramer spoke with Eaton Corp's chairman and CEO Sandy Cutler.

"We think the responsible thing to do is to get out ahead of this as much as we can. Cut costs in the company and be able to drive earnings growth next year in spite of a weaker top line."

Everywhere Cramer goes investors always ask him if they should be buying Wal-Mart stock. They want in because they like the yield, and think there could be a big turnaround ahead.

"I agree that Wal-Mart has a decent sized yield. However, I think that the yield can get bigger, and not from the way you'd like," the "Mad Money" host said.

This is because Cramer thinks Wal-Mart can still go lower. Yikes.

Cramer drafted a few out-of-the-box ideas of what Wal-Mart could do, especially if it has boat loads of cash to play with and doesn't care about earnings. It could strike a deal with T-Mobile, and offer to slice phone bills low. Then they could take the savings and spend it at Wal-Mart.

"That's why I didn't want CEO Doug McMillon to commit to that $20 billion buyback over the next two years. These ideas might cost half of that, but it would be better to use that money than propping up the un-proppable," Cramer said.

Read More Cramer: Wal-Mart has an ill-fated Christmas ahead

With all of the time that Cramer has spent talking about the collapse of the energy, metals and mining space in the past year, the fact is that almost all commodities have been hurting—including agriculture.

A few days ago AGCO delivered some surprisingly strong results. It is the world's No. 3 largest maker and distributer of agricultural equipment, such as tractors and combines.

These results led the stock to jump more than $4 on Wednesday, and Cramer thinks it could finally be gaining some traction.

AGCO Corporation's chairman and CEO Martin Richenhagen shared his outlook for the industry going forward, stating "The storm is still blowing, all hands on deck. So we tried to outperform our peers, which is not easy. We have great competitors but I'm not so sure what 2016 will look like."

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

Horizon Pharma: "This market does not like Valeant and somehow Horizon has gotten caught up in the idea that it's a Valeant. It's not. But you have to wait until the smoke clears and Valeant's stock is going down, because it's some kind of weird guilt by association."

RR Donnelley & Sons Co: "This stock is a buy right here. It's a 6 percent yielder, it's starting to go up. I want people in it, it sells at 10 or 11 times earnings. I'm so glad you mentioned it, because it is a buy."

Read MoreLightning Round: Wait until the smoke clears for this