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Cramer Remix: Why McDonald’s stock is getting pummeled

Some investors may be sick of hearing about the Federal Reserve, but Cramer can't escape the notion that its actions must be factored into a world view of the stock market.

One thing is certain, ever since the chatter of a June rate hike returned, the dollar has become steadily stronger against almost all currencies.

"The result? Remarkable underperformance from stocks of U.S. based international companies that benefit from a weaker dollar and had been doing quite well on a fundamental basis," the "Mad Money" host said.

One obvious example of this that Cramer cited was with McDonald's, which soared to $131 on May 10 and has since dropped down to $122. While many critics say that the all-day breakfast is a one-time trick, Cramer completely disagrees. He thinks the story still has legs.

"But ... McDonald's has a gigantic international presence — only 33 percent domestic — and its stock has been pummeled ever since the Fed narrative changed," Cramer said.

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When Cramer looked at the top five cash rich companies through the lens of the current investment environment, he came to the conclusion that cash is not king.

"This market is making a judgment, a judgment that companies that have a lot of cash don't have much growth, and the cash is literally being held against them," the "Mad Money" host said.

Cramer was intrigued by a piece in USA Today that stated one-third of the cash on balance sheets in U.S. businesses are held by just five companies. They are Apple, Microsoft, Alphabet, Cisco and Oracle.

"That is an incredible statistic, but what I think is even more amazing is that the stocks of those five companies are doing quite poorly, down almost 3 percent on average," Cramer said.

Read More Cramer: Cash is NOT king—Top 5 cash hoarding companies

Cramer was shocked when someone who is bearish on the market suddenly found five stocks in the S&P 500 that he actually likes.

Bruce Kamich is a technician and colleague of Cramer's at RealMoney.com and he's had a bearish perspective lately. So, when he said he was bullish on Flowserve, FMC Corp, Franklin Resources, Helmerich & Payne and NRG Energy, Cramer decided to dig deeper.

"Of the five stocks our bearish chartist Bruce Kamich likes here, four of them … seem like buys to me," the "Mad Money" host said.

Kamich also liked Helmerich & Payne, but Cramer didn't concur. The oil-and-gas decline crushed this larger land-based drilling company. It has 347 rigs, and 263 are idle. It managed to cut costs and beat estimates when it reported, but that didn't change Cramer's mind.

"I think oil can trade up to $50 but not much beyond that. And at $50, this company's fortunes will not be aligned positively," Cramer said.

Read MoreCramer: 5 hated stocks with charts on fire


While biotech and pharmaceutical stocks have been struggling for the year, Cramer discovered a less-sexy part of the health care group that is on fire. Portfolio managers have flocked to medical device companies in an effort to mirror the sector breakdown of the S&P 500.

"Money managers are pouring cash into the medical device segment precisely because pharma and biotech have, at least temporarily, gone out of style on the Wall Street fashion show," the "Mad Money" host said.

The group came under fire since last September when Hillary Clinton focused her efforts on price gouging, around the same time that Turing Pharmaceuticals jacked up prices on its generic drugs, and turmoil at Valeant was in the public eye.

Often money managers try to mirror the sector composition of the S&P 500. Currently, the S&P is comprised of 15 percent health care, which means the money managers are desperate to have health-care exposure.

"They need to invest in health care, but they want to put that money in safer health care stocks that aren't in the crosshairs of the federal government. That is one big reason they have been buying the medical device stocks hand over fist," Cramer said.

Read More Cramer: Money managers hiding cash in these medical stocks

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

Rite Aid: "Walgreens buying Rite Aid, it's supposed to happen. I wish they would both walk away already. The government doesn't seem to like this deal or it would have closed. By the way, Jana selling Walgreens, I think that's more of a problem with Jana than Walgreens. I'm a buyer of Walgreen and I don't want Rite Aid."

Beacon Roofing Supply: "Beacon Roofing Supply is a winner. Whether it be Lowe's or Home Depot, people are buying roofing supplies. That one I like very much."

Read MoreCramer: Walgreens needs to walk away from Rite Aid deal