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Cramer Remix: The irony behind Phil Mickelson's scandal

After watching the wave of futures selling over individual stocks on Thursday, it was clear to him that the sum of the parts were worth more than the stock market whole.

"The simple fact is that individual stocks are worth far more than the sum of the S&P 500; it is just that a torturous concert masks the strength of the underlying musicians," the "Mad Money" host said.

In the case of the stock market, the concert is the S&P 500, and the musicians are the underlying stocks.

Thursday's market seemed like a discordant symphony driven by both the Fed and oil. Investors seemed confused over oil, which was justified to Cramer. Either higher oil prices could mean that the economy is doing better, or they could hate oil with the knowledge that it could prompt the Fed to raise rates.

Another story that hit the news was the scandal surrounding golfer Phil Mickelson, who gave up $931,738 in profits and $105,291 in interest he made off a tip from the former chairman of Dean Foods to buy Dairy King's stock before the news was announced that it had spun off WhiteWave.

"The irony is, he made nothing. If he had just held on to both Dean Foods and WhiteWave, he would have had a 259 percent gain, versus a 45 percent move in the S&P 500 over the same period," Cramer said. "I don't know about criminal trading — he neither admitted nor denied any wrongdoing — but honest investing would have made him a killing."

Read MoreCramer: Individual stocks worth significantly more than the S&P 500 sum

Premium: Applebees in Times Square, New York
Roberto Machado Noa | LightRocket | Getty Images
Premium: Applebees in Times Square, New York

Employee turnover is expensive, and training new workers is a deadweight cost. Wal-Mart CEO Doug McMillon finally figured that out and took action, with Cramer applauding the move.

"I know it seemed a little ethereal to worry about morale at Wal-Mart, but McMillon was right to be worried and these wage increases are at the heart of the turnaround," the "Mad Money" host said.

Wal-Mart dropped a bomb on Wall Street in October, when McMillon said the company would need to spend money on e-commerce, supply chain management and wages for employees.

"Who would ever have imagined that we would beg for a Wal-Mart? Apparently, though, that is what America wants," Cramer said. "I'm calling it inning one of the turn."

Wal-Mart has the scale to disrupt, and did so historically. It simply lost its way, Cramer said, and didn't have a CEO who was willing to take a financial hit in order to turn things around. It now has those things, which means Cramer is calling the stock a buy.

Read MoreCramer: Wal-Mart only in the first inning of a big turnaround

In a move to embrace its heritage as America's bar and grill, Applebee's just ignited a $75 million advertising and marketing campaign.

Applebee's unveiled American-made, wood-fired grills as a centerpiece in its U.S. restaurants and will now begin featuring USDA choice steaks that are hand-cut in-house.

"Our franchisees are into this in a big way because they believe it begins to change the story about Applebee's and eventually the trajectory of sales and traffic," DineEquity CEO Julia Stewart told Cramer on Thursday.

Read More Cramer: The new Applebee's goes for hand-cut steaks

Wal-Mart Employee handles money
Patrick Fallon | Bloomberg | Getty Images

One stock that managed to go higher on an ugly trading day was Take-Two Interactive, the videogame company most commonly known as the maker of "Grand Theft Auto" and other franchises such as "Max Payne," "Evolve" and "Red Dead."

Take-Two reported a strong quarter on Wednesday, coupled with what Cramer considered to be extremely conservative guidance. As a result, the stock opened down more than 6 percent on Thursday, but then turned positive within minutes. It ultimately closed up more than 4 percent.

"You don't buy this stock for short-term guidance, you buy it for its long-term franchises," Cramer said.

The company's CEO Strauss Zelnick commented on the successful quarter, stating "I think what we have been saying all along is if you make the highest quality product, if you meet the consumers where they are … eventually things come to the good."


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

Carnival Cruise Line: "I happen to like the work that Arnold Donald [CEO] does ... I think that it's good. It yields 3 percent, I would wait a little bit more because i'm not in a hurry to buy any particular stock at this moment unless there is absolutely some edge or catalyst to it."

Carrizo Oil & Gas: "That is a good oil company, they do a good job. I'm not recommending a lot of oil companies but I think that Chip Johnson [CEO] has done a very good job. I think Carrizo is in good shape."

Read MoreCramer: These banks are in the don't buy, don't buy category