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Cramer Remix: $5 stock to snap up before earnings

Manitowoc, a leading crane manufacturer, is up more than 30 percent since its spinoff in March. Jim Cramer was left wondering how this market laggard has suddenly caught fire.

Many assume that Manitowoc is simply another cyclical machinery stock that has roared along with the rest of the cohort in anticipation of a stronger global economy.

However, Manitowoc has managed to leave the likes of Cummins, Caterpillar and United Rentals in the dust.

"That means this move isn't just about the prospect of a better global economy, it is also about a company-specific turnaround that is still in its early innings," Cramer said.

For those investors who believe the recent rebound in oil, metals and minerals signals a strengthening global economy, Cramer this Manitowoc is absolutely worth buying. However, for those who are skeptical about a worldwide economic recovery, it is time to ring the register.

"If we get a pullback going into the company's earnings report next Wednesday, I would snap up some shares and then wait to process the results before buying any more," Cramer said.


Job cuts pink slip
Tom Grill | Getty Images

Earnings season thus far has been filled with stories of bountiful bottom-line numbers, with top-line revenues failing to impress. When earnings resume on Tuesday, Cramer expects to see the earnings winning spree continue.

"It is worth pointing out though, they are winning in a pretty heartless way — through massive layoffs," the "Mad Money" host said.

Cramer pointed out that the stocks that are the strongest this earnings season are the same companies firing most aggressively.

The real conundrum for Cramer is that despite these layoffs, jobless claims in the U.S. hit a four-decade low last week. The last time there was a figure lower than Thursday's 247,000 claims was on Nov. 24, 1973.

Ultimately, these job cuts serve investors who want to see higher gross margins and expense reductions. This will prompt stronger cash flow, which can then be returned to shareholders in the form of dividends and buybacks.

Read More Cramer: Heartless 'massive layoffs' the main theme of earnings season so far

Cramer tends to think of airlines as a group that trades together in lockstep; either they all thrive or all struggle together. But this earnings season has completely flipped that notion on its head.

As the market enters the third week of earnings season, all of the major U.S. based airlines have reported. Somehow Southwest Airlines is crushing it, while Delta is doing OK, and American Airlines and United Continental are in hot water.

"A rising tide lifts all ships, but once the tide goes out, that is when you find out who the real winners are. And in the airline space, Southwest is the undisputed champion," the "Mad Money" host said.

Read MoreCramer: The undisputed champion of insanely cheap airline stocks

Airplane taking off
Greg Bajor | Getty Images

It might have been a rough day on the tape Monday, but Cramer says the world is getting better. He noted that even as Europe is finally turning around, both China and oil have bottomed.

"These two threads are important to keep in mind as we go through the height of earnings season this week because they are very contrary to conventional wisdom. But it is unmistakable," the "Mad Money" host said.

It is clear to Cramer that things are getting better around the globe. Therefore, the shift away from consumer product stocks and into industrials is only just beginning.

Read More Cramer: Sweet spot alert! Oil & China have bottomed, Europe is turning around

With summer right around the corner, Hollywood is bracing for a blockbuster season. That is why Cramer circled back to IMAX, the company synonymous with the large-screen format where people love to see the most explosive movies.

IMAX reported a strong first quarter last week, with higher than expected revenue that grew 48 percent year over year. Additionally, the company took its Chinese business public in Hong Kong back in October and owns 70 percent of IMAX China.

Cramer spoke with IMAX Corporation's CEO Richard Gelfond, who described the "blockbuster-ization" of Hollywood release patterns and the impact to his business.

"The studios are making less movies and bigger budget movies, and that plays right into IMAX's sweet spot," Gelfond said.


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

CVS Health Corp: "My charitable trust owns Walgreen's. CVS and Walgreen's are both great companies. I say buy, buy, buy CVS."

Tri Pointe Group: "I think what you ought to do is buy KB Homes. The cheapest, not the best, but the cheapest. Best-of-breed is Lennar."

Read MoreCramer: This stock is like trading down in the draft. Don't go there!