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Cramer Remix: How to play oil after the OPEC announcement

Cramer Remix: How to play oil after the OPEC announcement

The news of a planned OPEC production freeze seemed to Jim Cramer a final act of desperation for petroleum producing countries to manipulate the price of crude above $40.

"Don't get too excited about the action in oil. If you want to profit off it, go to the oil companies that have continued to lower their break even costs … They have been the beneficiaries of anything that keeps oil in the $40s, which this statement might have done," the "Mad Money" host said.

On Wednesday, OPEC agreed to modest production cuts for the first time since 2008. Yet, Cramer only regarded the deal as "alleged" because Saudi Arabia's energy minister Khalid al-Falih specifically exempted Iran, Nigeria and Libya from the November production freeze agreement.

"I don't think the Saudis will give up all that market share. I do not see the Iraqis cutting back … So, the deal itself seems plainly fanciful on the face of it," Cramer said.

Peter Parks | AFP | Getty Images

With the price of oil up, Cramer expected Thursday to be a great day for the market. Instead, worries over Deutsche Bank, the biggest bank in Germany, had ripple effects all over the world.

"You can always count on the banks to screw things up royally," Cramer said.

Whenever the market worries about the possible solvency of any bank, Cramer only sees negative pin action for investors.

"So if a company like Deutsche Bank may be having real problems, and that's sure how it looks with the stock down 6.7 percent today, then several things are going to play out, and none of them are good," Cramer said.

While many are glued to election season and the Federal Reserve right now, Cramer is watching the one thing no one is talking about — China.

Major signs show China could be making a comeback, and Cramer says this could be a game changer for investors.

"Everyone acts like China is still decelerating or even stagnating, because that is just what we have become accustomed to. What if I told you the data was spinning a different story?" the "Mad Money" host said. "… At a certain point it starts looking pretty obvious that China could be in rebound mode, and that is a huge deal."

Not only is China the world's most populous country, but it also has the second-largest economy on earth and is the third largest consumer of U.S. exports.

Chuck Robbins, CEO of Cisco
Ashlee Espinal | CNBC

One of the high-quality stocks on Cramer's radar was Cisco Systems. The company is currently transitioning to various faster-growing end markets that include the internet of things, cybersecurity and data centers.

Cramer added that Cisco's efforts to grow seem to be working. The last time the company announced results, it reported higher-than-expected revenue, but provided a more conservative forecast for next quarter than what analysts expected. Cisco also announced a $700 million cost-saving initiative, including the elimination of 7 percent of its workforce.

Cisco plans to reinvest the money into faster growing divisions. Last week, there were also rumors that Cisco could be interested in buying cybersecurity company Imperva for $1.7 billion. To learn more, Cramer spoke with Cisco's CEO Chuck Robbins.

"As I think about what is important for us going forward is first of all the industry and everything about the environment in which we operate is moving faster than it ever has, which is going to require us to move more rapidly than we ever have. It requires us to embrace more technology transitions at one time than we have had to do in the past," Robbins said.

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

Chicago Bridge & Iron: "The infrastructure is too related to energy. I'm going to have to say don't buy."

Orbital ATK: "They had that accounting issue and I haven't been able to get to the bottom of it. Let me do more work, OK, because that was worrisome to me."