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CNBC's Jim Cramer said investors can afford waiting to buy the roaring shares of off-price retailer Five Below.
With the stock up over 40 percent just in the past week, the "Mad Money" host said on Friday that it could actually be smarter for investors to wait until the hype dies down.
"At these levels the stock isn't exactly cheap — it's [selling for] 33 times next year's earnings estimates," he said. "If you owned Five Below going into this amazing quarter ... I want you to feel free to ring the register on part of your position. "
For investors who want to buy Five Below, Cramer recommended they wait until the next marketwide pullback.
"I wouldn't be surprised if you get a better buying opportunity here, as long as you're patient," he said. "Five Below is a phenomenal long-term story, which is why you don't need to feel any pressure to buy it immediately. I want you to take your time after this monster move, wait for a better entry point, and then, and really only then, you can pounce."
After a muted Friday trading session following a largely successful week for the stock market, Cramer wanted to redirect investors' attention to what could make or break this market.
"In many ways, next week will determine if this run can continue. Not because of earnings — we have almost no reports — but because of the president and the Fed, " he said.
But Cramer cautioned against trading around President Donald Trump's tweets and his administration's talks with U.S. trading partners. He argued that trade talks were "a work in progress," saying investors should buy on trade-related downturns rather than fret about them.
"Think of it this way: we've had the best action in three months for the Dow and that occurred ahead of the Fed meeting, ahead of the G-7 meeting and ahead of the North Korean summit, " he said. "Worry has not been paying off here."
With that in mind, Cramer turned to his weekly game plan, complete with his predictions about Trump's summit with North Korea, some retail earnings and a glimpse into Apple's business.
"This is just a pure signal, a pure leadership sign that Verizon's going to be a leader in 5G," Armstrong, formerly CEO of AOL, told CNBC in an interview with Cramer.
Verizon CTO Hans Vestberg will become CEO in August. Current CEO Lowell McAdam, who has run Verizon since 2011, will take on the role of executive chairman of the company's board.
"Verizon's been a leader in 1G to 4G," Armstrong said. "5G is really where the world's going and today's announcement, with Lowell stepping up to executive chairman and Hans coming in as CEO, really tells you how serious we are about 5G and building out the next layer of connected consumers."
Technology-home-design hybrid Houzz is using augmented reality to help consumers visualize furniture and decor in their home — and it's paying off in droves.
In an interview with CNBC, Houzz CEO Adi Tatarko, who founded the online platform with her husband Alon Cohen in 2009, said that users of Houzz's new 3D tool in its app are 11 times more likely to make purchases on the website.
"We're very proud as a technology company that we can always be in front of the best technologies and apply them very deeply into our own industry," Tatarko told Cramer.
The tool, View in My Room 3D, lets users put virtual items in their rooms at any angle using their devices' cameras. It allows users to put multiple products into their rooms to see how they'd look together.
Finally, Cramer reflected on his experience at TheDeal's Corporate Governance conference, where he spoke to CEOs across industries about their leadership tactics and businesses.
The "Mad Money" host was particularly struck by Jeff Gennette, who has been CEO of Macy's since early 2017 and been working on a turnaround at the old-line retailer, bringing in a former eBay executive, real estate experts and bankers to fix the company's operations.
"Retail has caught fire of late and Jeff's thoughts made it clear to me that the survivors here are the chains that are using technology to fend off Amazon and bring back their old customers, " Cramer said, commending the "remarkable humility from a CEO who engineered, I've got to tell you, one of the greatest turnarounds I've ever seen."
In Cramer's lightning round, he zoomed through his take on callers' favorite stocks:
Cisco Systems: "People didn't really care for the last quarter, to be honest. They felt that the guidance wasn't as strong, either. You know what I say? I say use that to buy [CEO] Chuck Robbins' great company. You're getting a rare opportunity to buy a high-quality technology stock below where it should be."
Colgate-Palmolive: "Look, the last quarter was not good, but the stock has now overcompensated and I do think that you should buy it. And I'm going to give you a two-fer: I think buying PepsiCo right here is brilliant. "
Disclosure: Cramer's charitable trust owns shares of Apple, Amazon and PepsiCo.