On Tuesday, Alphabet was down nearly 5 percent despite Monday's stellar earnings report. The earnings beat Wall Street expectations on multiple fronts. The stock immediately surged, only to turn negative hours later. On Tuesday, the stock open 1.4 percent lower. The market-wide sell-off only made matters worse.
"If you only looked at the stock, you'd think Alphabet just delivered some really ridiculous downside surprise," Cramer said on Mad Money Tuesday.
But, he said, "nothing could be further from the truth."
Cramer said even the best stocks can't tame investor fears in an era of uncertainty.
"We had three separate companies this morning say the wrong thing and it obliterated their stocks," he said. "Frankly, I bet every one of these execs wishes they could take back their statements, but there are no do-overs in this game."
On Tuesday, the yield on the benchmark ten-year treasury was briefly above 3 percent. Even a healthy earnings cycle couldn't stop the market from plunging the same day.
"Given how many people on Wall Street take their cue from this stuff, I think you need to be aware of these key levels in case we breach them in either direction," Cramer said.
The company's stock is performing better than expected with eight consecutive years of growth.
"I look on us as the ultimate growth and yield stock and we're delivering over 5 percent in terms of dividend yield," said CEO Jim Reid-Anderson to Cramer.
And the numbers don't just represent theme park revenue.
"The best way to do that [is to]... keep people with us long term," said Reid-Anderson, and said growth included things like the membership program.
During the lightning round, Cramer gave his take on a few stocks.
Spirit Aerosystems Holdings: "No, no, I don't want you to lock in your loss. Right now the market is kind of anti the defense stocks and anti-aero, but how long can that last? This is a great company. I suggest that you just hold tight."
Bristol-Myers Squibb: "Bristol-Myers has sold off so much, so much, and yet when I'm finished with it, it sells at 16 times earnings and it only yields 3 percent. So I would tell you I don't have a catalyst to make the thing come back other than a takeover, and I don't see one coming. Maybe it surprises you."
Disclosure: Cramer's charitable trust owns shares of Alphabet.