Every time the stock market rallies hard, like it did this week, Jim Cramer can count on investors to get sloppy and carried away.
"As much as you may like this market, you have to stay disciplined. Remember, discipline trumps conviction," the "Mad Money" host said.
The first sign of sloppiness for Cramer was with takeovers. On Thursday morning, the Financial Times reported that Apple has been in talks to acquire Time Warner. At the same time, Cramer heard chatter that Apple is also eyeing Netflix.
Cramer has advocated for Apple to buy Netflix for a long time. In fact, if he were doing the deal, he would keep Reed Hastings as CEO of Netflix. He also thought Time Warner would be a great match for Apple, as HBO would be great for the company. But that is no reason to buy the stocks.
"If you bought either Netflix or Time Warner when their stocks were running off the unfounded takeover rumors this morning, you need to get your head checked and call a time out. You need to cool off. Go get an ice cream or something," Cramer said.
The essence of sloppiness that Cramer senses in the market right now is to let everything ride. But right now, it could make more sense to take some off the table.
"I want you to look at your portfolio in order to decide what has moved too much so you can ring the register on part of your position. No, I am not bearish. I see plenty of strength out there in tech and finance, the two pillars of this very real, very broad rally," Cramer said.
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The consumer might be cash-strapped, but Cramer says it doesn't even matter. The earnings of Dollar General, Dollar Tree, TJX and Wal-Mart have all made the statement to him that the American people just don't like to spend much money on merchandise anymore.
"When you combine the strength in these discount chains with Amazon's ultra-cheap shopping platform, you can understand very clearly what is happening in this country," the "Mad Money" host said.
Ultimately the average household is spending more of its money on rent and heath care premiums, which has canceled out huge savings from lower gasoline prices. These costs, coupled with stagnant wages triggered by globalization, digitalization, automation and a general surfeit of labor are getting lost.
"None of these facts is really captured by the broader figures, but they are a reality for tens of millions of Americans," Cramer said.
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In the past 10 years, Cramer has reiterated the fact that the CEO running a company can determine the direction of the stock. However, sometimes the top exec can turn a company into deadwood and run it into the ground, too. When that happens, the "Mad Money" host has no choice but to commit the CEO to the dreaded "Mad Money" wall of shame.
The most recent executive to drop the ball was Michael Ferro, the chairman of Tribune Publishing. This is the same company that owns the L.A. Times and the Chicago Tribune, along with 9 other daily papers and 160 weekly or monthly publications.
One month ago, Gannett offered to buy Tribune Publishing for $12.25 a share, which would be a 63 percent premium to where the stock was trading versus the previous trading day.
This was a huge premium for an ailing newspaper business, but Tribune said no. Cramer suspects that Ferro wanted the company to remain as an "independent fiefdom." Then a little over a week ago, Gannett returned with an offer to pay $15 share, a huge deal. Again, Tribune said no.
"That is one of the biggest takeover premiums I can ever recall, but Ferro has been fighting this deal tooth and nail in a ridiculous manner, and I think he needs to be called out for it," Cramer said.
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Another group that has had a tough time this year are companies in the fast-casual restaurant space, with exception of McDonald's.
Popeyes Louisiana Kitchen is the chicken restaurant with more than 2,500 locations. And while the company has provided long-term gains, the stock has tumbled recently, down nearly 14 percent from its peak in February after reporting a not-so-hot quarter.
The company reported again on Wednesday and once again the headline numbers were weaker than expected, with a 6-cent earnings miss from a 64-cent basis, lower than expected revenue and 1.6 percent same-store sales growth.
However, in an interview with Cramer on Thursday, Popeyes CEO Cheryl Bachelder says she is confident about a strong second quarter.
"We had a slow start and a strong finish. Our big box promotion in April brought it home for us, and delivered a 1.7 share point increase compared to our chicken competitors," Bachelder said.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Time Warner: "Time Warner is up today on a rumor that Apple is going to buy them. That is not true I don't think, but what does matter is that the fundamentals are good, Bewkes [CEO] is doing a good job. I like the stock."
Mitek Systems: "Yes that stock is up huge this year ... It's a speculative stocks, it's under $300 million [market cap] but I know that things are doing really well there. I would hold on."
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