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It might be time to rethink FANG, according to CNBC's Jim Cramer.
FANG, which stands for Facebook, Amazon, Netflix and Google, was coined by the "Mad Money" host himself to refer to the group of high-performing tech stocks. But given Thursday's market moves, Cramer thinks WANG – Walmart, Apple, Netflix and Google – might be the new group to watch.
Walmart released strong second-quarter earnings numbers on Thursday that sent the stock surging more than 9 percent. "The strength in Walmart impacted the whole psyche of the market," Cramer said, with the Dow posting its biggest gain since April.
Along with Walmart reporting 4.5 percent same-store sales growth, the best in a decade, subsidiary Sam's Club had an even bigger growth of 6.5 percent.
American Electric Power's CEO Nick Akins said that the utility company sees the growing popularity of electric cars as an opportunity for sales channel growth.
In fact, the electric company announced on Thursday that it would build charging stations for electric vehicles around the Ohio area.
"That's a major effort on our part to ensure that the infrastructure is there to support electric vehicles and certainly, we sell the electricity to electric vehicles," Akins told CNBC's Jim Cramer.
"But also, it really is an avenue for transportation, to make sure that it is accessible to everyone without having to go to a gas station, for example."
While the Columbus-based company sees the alternative fuel vehicles as an opportunity, it cancelled another eco-friendly scheme, its Wind Catcher project. Akins said that the project's end was disappointing, but American Electric Power will instead focus its attention on smaller investments and renewables to replace it.
"If you feel like you've missed it after this staggering move, don't worry," Cramer said. "In the words of Bachman Turner Overdrive, you ain't seen nothing yet."
IAC is known for spinning off digital brands like , and Ticketmaster, now after a merger with the entertainment company.
"This is the beauty of IAC's business model," Cramer said. "When they have an incredible brand that investors desperately want to own, they spin it off so it can get an independent valuation."
Its current portfolio includes Dictionary.com, Vimeo and the Daily Beast. IAC is also the parent company to two publicly traded companies, and — owner of Match.com and Tinder.
It's that last subsidiary that's been making waves for IAC recently. for at least $2 billion, claiming that IAC and the dating app's parent company Match Group had manufactured a lower valuation for Tinder to deny them stock options.
During Thursday's "Am I Diversified," CNBC's Jim Cramer weighed in on which technology stock investors should keep in their portfolios.
"Apple is just better" as a technology stock, Cramer said. He tapped the holding company IAC as one replacement.
"Why not a diversified company to give you diversification?" he said.
To close out the portfolio, he chose Raytheon.
While Senator Elizabeth Warren's economic policies are known to spark divisive reactions, CNBC's Jim Cramer thinks that investors shouldn't be too quick to write off her ideas.
On Wednesday, the Democratic Senator from Massachusetts sat down with Cramer to discuss her new bill called the Accountable Capitalism Act. The bill would require large companies to consider the interests of not just shareholders, but also employees, customers and communities where the company does business, when making decisions.
Cramer said he doesn't believe that a federal corporate charter, as proposed by Warren, is the best way to achieve the goals of the bill. However, the "Mad Money" host pointed out that "some of the best-run companies I follow have already taken a page from Senator Warren's playbook."
Cramer cited Costco, Domino's and Salesforce.com as three companies that exemplify one of the core ideas of "Mad Money" also shared by Senator Warren, that "doing well and doing good can go hand-in-hand."
Royal Dutch Shell: "Everyone hates the oils, which means it is time to buy the oils because oil's going from $70 to $80. Everybody is all crazy about them. Royal Dutch is really good."
LAM Research Corporation: "Applied Materials is a fabulous company, so take what I'm saying with a grain of salt. Right now they are caught in some difficult product transitions in terms of what their end customers want. I think the same thing will be with LAM. It's kind of a glitch in time, and I don't want to recommend LAM right now given what Applied Materials is saying."
Nustar Energy: "A little too risky. If you really want an 80 percent yield, you'd have to take a little more risk than I would like. But, I understand why you would because people feel that that group has come back. But that's not my cup of tea."
Ebix Inc: "I like insurance and I like software, so I think I should like a software company dedicated to insurance."
Disclosure: Cramer's charitable trust owns shares of Apple, Facebook, Salesforce and Raytheon.