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Cramer Remix: What you need to know about Facebook’s post-earnings pullback

The market may be in the midst of a cavalcade of earnings reports, but Jim Cramer asked investors not to take Facebook's post-earnings stock decline at face value.

"Facebook often pulls back post earnings, but the stock has always been a buy into this kind of weakness after you let it run its course because it's got such a tremendous story," the "Mad Money" host said. "We've seen that happen the last two times. [It's] happening a third."

And while the Federal Reserve may have held steady on Wednesday, but Cramer is seeing a significant rift happening between two contradictory market trends.

Janet Yellen
Samuel Corum | Anadolu Agency | Getty Images
Janet Yellen

Cramer also looked into a secular trend that he believes can weather everything from a Fed hike to a market-rattling Trump tweet.

"You know what theme is proving to have the most staying power this quarter?" the "Mad Money" host asked. "The need to be totally vain and look your selfie-best no matter what the circumstances."

That theme is what Cramer thinks drove cosmetic giant Estee Lauder's stellar quarter, which showed growth across the board, especially in China.

The company, led by Fabrizio Freda, is putting itself at the center of the selfie-ready generation, drawing Instagram- and Facebook-happy teenagers to its once-exclusive products.

"The company's figured out a masterful gameplan, selling its merchandise in new outlets like e-commerce, as well as cheaper stores where you might not expect to find such a high-end portfolio of brands," Cramer said. "I think that means the stock may still be a buy, even as it's run up 37 percent for the year."

Cramer also sat down with Clorox CEO Benno Dorer on Wednesday to hear more about how the company beat revenue estimates in its earnings report, something the CEO attributed to innovation.

"Innovation keeps us young. And I think that sets us apart from any of our peers today, that we have a lot of innovation in an environment that I would characterize as innovation-starved," Dorer said.

Dorer added that while other companies raise capital to buy back stock and generate value that way, Clorox's management prides itself on going against the grain.

"We're going zig where many other companies are going zag. What we are doing is we're leaning hard into cost savings and productivity programs to generate funds, but then we're taking those funds and we're reinvesting them into the business. And we're doing that with discipline so we have strong returns, and that's what delivers the strong sales growth that we have," Dorer said.

Tim Cook
Sally Shin | CNBC
Tim Cook

Finally, Cramer sat down with Apple CEO Tim Cook for a wide-ranging interview about earnings, new projects, and Apple's role in job creation.

Wall Street got worked up about iPhone sales weakness in Apple's second quarter earnings report, but Cook said the cause was quite simple.

"It's that there are more rumors floating and more press articles and mentions of new things, and when that happens, a percentage of people delay," Cook told Cramer on Wednesday.

The CEO said that that the widespread leaks hit business particularly hard in China, where it is culturally popular to buy the newest gadgets.

Cook also revealed that Apple will start a $1 billion fund to promote advanced manufacturing jobs in the United States.

"We're announcing it today. So you're the first person I'm telling," Cook told Cramer on Wednesday. "Well, not the first person because we've talked to a company that we're going to invest in already," he said, adding that Apple will announce the first investment later in May.

The fund comes as the president has made bringing back manufacturing jobs a big part of his agenda, and it fits into Apple's larger effort to create jobs across its spectrum, from its own employees to app developers to its suppliers.

In Cramer's lightning round, he rattled off his take on some caller favorite stocks, including:

Exact Sciences: "What can I say, it's for real. It's obviously real, it just moved up $5. At any pullback I like it because it's a game changer."

Lockheed Martin: "No, it's not a sell. But you know what, I'm losing enthusiasm for it. I'm liking General Dynamics and Raytheon."

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