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.
Read more about Cramer's take on WANG here.