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Cramer Remix: Presidential debate won't be good for business

Jim Cramer saw oil play out its same pattern of prices rising on rumors of an oil output deal, and then falling when it does not happen. Rather than pull his hair out worrying about it, he kept China and earnings on his radar for next week.

"In October we have had a bunch of crashes. Be prepared to be scared again by the same naysayers and my advice, get over it, look for cheap stocks of great companies, and use the fear to buy, not to sell," the "Mad Money" host said.

With this in mind, Cramer outlined the stocks and events on his radar next week:

Monday: The presidential debate, Carnival, Vail Resorts, Thor Industries
Cramer does not expect anything positive for business to come out of the debate. He anticipated that both banks and the drug companies will be hot topics, thanks to Wells Fargo and Mylan.

"I say, thanks for nothing," Cramer said.


With news that Twitter could potentially be sold to Salesforce.com, Alphabet or other unknown suitors, Cramer was faced with a classic dilemma.

"Left to its own devices, Twitter should be lower, perhaps appreciably lower because it doesn't have growth and growth is the magic elixir that's required for all tech companies," Cramer said.

Cramer has argued in the past that if Twitter's management thought bigger and made the platform easier to use, it could be so much more than what it is now. It could be used for the ultimate customer relations tool.

Ultimately, Cramer determined that it would be tough to get behind Twitter right now because it can only be recommended on a takeover basis. The fundamentals don't support its current valuation, though it is worth a great deal to some.

"If you own Twitter, understand it's in rarefied territory and I am thinking it's four, five points up, and three down down if nothing materializes," Cramer said.

Until very recently, Ulta Salon, Cosmetics & Fragrance was one of the hottest stocks out there. It suddenly fell off a cliff for no discernible reason.

"Eventually all growth stocks run into the problem of great expectations, but if the story is intact, they ultimately bounce back," Cramer said.

The question now becomes whether Ulta is a broken stock or a broken company. If the company is broken, work has to be done before investors can make a move. But if merely the stock is broken, it could just be a matter of time before it makes a comeback.

The verdict? This is a broken stock, not a broken company, Cramer said.

"That is why I think it is worth buying, particularly if it keeps going lower on the same old information," Cramer said.

ULTA Beauty event
Tasos Katopodis | CNBC
ULTA Beauty event

When Hewlett-Packard broke itself up a year ago, it was obvious to Cramer that HP Enterprise would be the big winner of the two companies, as it was the high-growth business focused on networking, storage, servers, software and services.

HP Inc. was the business dedicated to slower printing and personal computing, and was automatically cast off as the business no one on Wall Street wanted to bother with, thanks to what seemed like an unstoppable decline in the PC business.

But HP Inc. surprised Cramer.

It first fell 25 percent in the first three months on its own, but has since made a huge comeback. It is now up 22 percent since the breakup, and rebounded more than 65 percent from the market-wide bottom in February.

"Believe it or not, things seem to be improving in the personal computer space, which means HP Inc. could be a very attractive buy, even after its recent run," Cramer said.

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

Advanced Micro Devices: "I think after they did that equity offering, they fixed the balance sheet, I'm a buyer not a seller. Everyone has turned on that one, that is wrong."

Bluebird Bio: "You're dealing with speculation there. You've got to know that if there is no takeover bid, you're going to give up that premium. I was talking to Bruce Kamich who does the chart work with me over at RealMoney.com and a lot of these look good. But just be aware that they are speculative and they are up a lot since the Medivation deal."