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Cramer Remix: Facebook's picture-perfect quarter

If a year ago someone told Jim Cramer that the market would be able to thrive, even though the biggest company on earth, Apple, had a downbeat forecast — he would have said they were crazy.

Given the weight that technology and Apple has on the psyche of many investors, Cramer expected stocks to be down huge on Wednesday. This market is much different from any market he can ever recall.

Why didn't disappointment have further ramifications on stocks?

"The bulls turned bears from that nasty downturn at the beginning of the year, and those who keep waiting for the Fed to tighten just keep getting overwhelmed by these mini-bull markets," the "Mad Money" host said.

One standout amid a gloomy tech sector was Facebook, which shattered expectations when it reported.

"Facebook reported what may be the most picture-perfect quarter for all of tech, with better revenues on high incremental margins," Cramer said.

Read MoreCramer: Waiting on the Fed, mini-bull markets have taken over

Flaming bull
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Cramer is hearing the phrase "tech wreck" everywhere as the vicious bear has now sunk its claws into technology stocks.

"Don't get caught up in the notion of a tech wreck. If a company sells into the cloud or the internet of things, then it is doing well. If management delivers better revenues with controlled costs, shareholders will prosper," the "Mad Money" host said.

Three major tech names were hit hard following earnings recently: Apple, Microsoft and Alphabet. However, unlike biotech, banking and oil stocks, technology is not homogenized. Cramer analyzed each one as a different animal.

Apple was the toughest of all. In fact, Cramer thinks Wall Street could be looking at Apple all wrong.

"I think it is a total victim of its own success, with a phone issued last year that sold at unsustainably large numbers," Cramer said.

Read More Cramer's tech wreck reality check: We are looking at Apple all wrong

After two major health scares involving both E. coli and norovirus, despite falling more than 6 percent on Wednesday, Chipotle is making strides to come back.

Cramer saw the same pattern in the past with other restaurants involved in outbreaks that the first few quarters are terrible, but then the numbers ultimately start to recover. According to Chipotle's CFO John Hartung, he agrees.

"All the customer research points to the fact that we are recovering in the minds of our customers. In most cases we had bottomed in January, and we have been recovering steadily ever since," Hartung said.

Read More Chipotle CFO: We bottomed in January

Sally Smith, CEO, Buffalo Wild Wings
Scott Mlyn | CNBC
Sally Smith, CEO, Buffalo Wild Wings

Buffalo Wild Wings plunged 10 percent on Wednesday following a suboptimal earnings report, which surprised Cramer.

Cramer spoke with the company's CEO, Sally Smith, to determine what triggered weaker earnings.

"Nothing in particular. I think it's a lot of little things," Smith said.

Smith explained that the number of available restaurant seats has increased due to low interest rates, private equity fueling smaller companies, competition for building sites and a greater promotional environment.


Additionally, Cramer has been worried about the aerospace bull market lately. The strength in aerospace has been fueled by underlying demand for new aircraft, and Alcoa recently discussed the possible slowdown in the aerospace industry.

When Alcoa reported two weeks ago, it confirmed there could be some glitches in the short-term growth rate based on inventory and delivery issues.

Yet, when General Electric, Honeywell, Lockheed Martin, Boeing and United Technologies reported, that all changed.

Where does that leave aerospace, now?

"I say buy these stocks on weakness, although admittedly we haven't seen much weakness since Alcoa stalled the group out earlier this month," Cramer said.


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

AIG: "It's OK. I'm a Chubb guy myself, both at home and abroad."

Vector Group: "I'm pro-Vector group down here. I think it's OK."

Read MoreCramer: I was taken aback by this quarter