Wearable fitness tracker maker Fitbit came public in 2015 and the consensus on Wall Street was that it would do much better than Garmin, best known for its navigation systems.
Now the tables have turned, and the contrast between the two companies was a slap in the face for Cramer when the companies reported diametrically opposed quarters. Fitbit reported poor results, and Garmin had surprisingly strong numbers.
"When it comes to the personal electronics space, I bet Garmin's got more room to run. Fitbit? All I can say is stocks don't trade to $6 because things are going well," the "Mad Money" host said.
If Cramer only listened to the media, he would think that every single point of the stock market rally falls on the shoulders of President Donald Trump and his policies.
Newsflash: It doesn't.
"Give credit to this market where credit is due and recognize that the bull doesn't just reside at 1600 Pennsylvania Avenue," Cramer said.
This rally is about a lot more than just politics, Cramer said. And when Congress doesn't move as quickly as expected, stocks are helped by American executive ingenuity and a global economy that is getting stronger.
Cramer did recognize that Trump brings the most pro-business administration he has ever seen, and it would be ridiculous to claim that he has nothing to do with the rally. But when he listened to CNBC's interview with Treasury Secretary Steven Mnuchin on Thursday, he realized that Wall Street is pinning too much of the gains on the President's coattails.
Sometimes to get a good read on the state of the economy, Cramer looks at environmental servicing companies like Waste Management, the No. 1 garbage disposal play in North America.
With the stock up 30 percent in the past year, Waste Management reported at first what appeared to be a soft quarter. However, instead of the stock getting hit, it barely budged because investors were focused on management's bullish commentary about its operations.
Cramer spoke with CEO James Fish, who just took over from former CEO David Steiner. With higher collection volumes, price increases and cost controls, Fish confirmed that the company is still firing on all cylinders thanks to the company's initiatives and strengthening economy.
"When you look at EBITDA for example for the last year, 8 percent EBITDA growth and a 2 percent economy says a lot," Fish said
"Musk, like Amazon's Jeff Bezos, has grand ambitions and if you want to be in on those ambitions you have to buckle up and get ready for a turbulent, autonomous driverless ride," the "Mad Money" host said.
There is only one difference that Cramer could tell between Bezos and Musk. When it comes to quarterly reports, Bezos doesn't seem to care about them, and never joins the earnings call. Musk makes an effort to answer everything, and the more outrageous his answers are the more everyone seems to like it.
Cramer won't officially say the car rental industry is dead, but it is clearly broken.
"These stocks are not bargains, and I would stay the heck away from both of them until we can get some real clarity on what is actually ailing this business, and what could potentially fix it," the "Mad Money" host said.
After the Great Recession, both Hertz and Avis had strong performance as the car rental industry benefited from a rebounding economy and a wave of consolidation. Since then, things have become more difficult.
In the Lightning Round, Cramer gave his opinion on various stocks from callers:
Verizon: "I think Verizon has bottomed very nicely here. I think the stock is looking good on a charts basis, but T-Mobile is my fav."
Argan, Inc: "I don't know that is a risky stock. Up here this is after I saw First Solar coming back. I'm going to say no, I think it is just too high. I don't want to touch it."