Another industry on Cramer's radar was retail. There are way too many stores, and any major retailer with substantial mall exposure has reported a disastrous quarter. The latest victim appeared to be Gap, which warned that first quarter revenue and profit would miss expectations.
"I can't find a single mall store doing better than last year. Many are down high single digits," Cramer said.
Yet, just last week the larges strip mall operator and shopping mall owner Kimco and Simon Properties high a 52-week high. And the largest shopping center REIT Federal Realty and Tanger Factory outlet Center were just points off of their 52-week highs.
"While it is perfectly natural to think that these REITs would be ideal shorts in an environment where mall-based retailers are doing so poorly … all I can say is think again," Cramer said.
2016 has also been unkind to Integrated Device Technology Inc (IDTI). IDTI makes low-power high-performance chips for a variety of small end markets, including communications infrastructure, power management and clock timing.
When IDTI reported in February, management gave weaker than expected guidance, which prompted the stock to decline 27 percent in a single session. It reported again a week ago, and the results were in-line with earlier guidance. It then beat consensus numbers that analysts were looking for.
IDTI's CEO Gregory Waters revealed to Cramer the company's new product, which is the world's smallest and most advanced gas sensor. The technology could be used to detect in a smartphone, wearable and consumer device the pollution in a crowded city. It can also measure particles in the air for allergies, and be used as a portable breathalyzer after a night out.
"All those things are technologies that we now have access to. You will be seeing, showing up in consumer applications between the end of this year and certainly into next," Waters said.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Salesforce.com: "I think the cloud is for real. We know that the cloud adoption has accelerated if anything, and I'm going to stick by Marc Benioff [CEO] and Salesforce.com."
DepoMed: "It is way too hard for this guy. Don't know if it is happening or not."
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