Another stock that Cramer eyed as a possible buy if the Fed takes action is Charles River Laboratories. Charles River is a research organization for pharma and biotech companies looking to discover new drugs and conduct early stage clinical trials.
Cramer often refers to Charles River as the "arms dealer to the drug industry" and expects companies to spend money on research and development, regardless of political concerns on drug pricing.
"Doesn't matter if the Fed tightens or the economy slows, if you are a pharma or biotech firm, you've got no future if you are not investing in R&D, and in many cases, that means giving money to Charles River," Cramer said.
Charles River reported a strong quarter in August, but has fallen 8 percent since Aug. 1 on no real news. Cramer spoke with the company's CEO and Chairman Jim Foster, who shared the company's advances to humanize mice. Meaning, it has created an animal model to be like a human avatar for the purpose of discovering how a drug is likely to work for humans via translational medicine.
"It's relatively early days, but I think these animal models will become increasingly more important and significant for drug discovery … helping the drug companies to determine whether to continue with a drug is better, or can be better with an animal model," Foster said.
Impinj is an IPO that hit the market at the end of July, and also landed on Cramer's Fed-induced sell-off playbook as a possible opportunity.
Impinj is a play on the internet of things, which is all about connectivity for everyday objects such as appliances, thermostats, and even shoes, among other things. Impinj's radio frequency identification technology provides intelligence to its customers, which refers to the unique identify and location of a product.
The stock has been on fire, as it came public at $14 in July and closed at $34 on Monday. And thanks to the strength of the internet of things, Cramer thinks it could have much more opportunity ahead.
"The stock has had a massive run since it came public in July, and that is why I want you to put this speculative name on your shopping list, and wait for Impinj to come down before you do any buying. Don't worry, I bet you will be able to get the chance in the next couple of weeks," Cramer said.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Advanced Micro Devices: "I think this pullback is an opportunity. They had to fix their balance sheet. That's good. I like their business, they're fine. I just think that once they put all that liquidity out there you have to wait a little bit. Don't expect it to bounce right back to $7 or $8 any time quickly."
GW Pharmaceuticals: "We are big fans of it because they have the actual pill of pure marijuana, none of that other stuff. But the problem is now it is up on a takeover spike, and maybe it gets one. Remember, that is a class one felony to do what they are doing in the United States, but they are over there in London. So, I say you know what, sell half. If you're just starting, I don't want you to give back that big gain."