CNBC's Jim Cramer reacts to the Trump administration's move to consider stopping U.S. investments into China's businesses and debriefs the 2019 class of IPOs. The "Mad Money" host makes recommendations for investors who are worried about the future of the American health-care system. He holds an interview with the CEO of CNBC Disruptor honoree GoodRx.
The stock market got hit with a double whammy on Friday coming from a glut of public offerings and a threat from the White House to limit U.S. investments in China, Cramer said.
In the midst of an ongoing trade war between the world's largest economies, the public also learned during the day that Trump administration officials are looking at ways to deter U.S. companies from investing in Chinese businesses, a move that Cramer supports.
"Turns out ... it's not as sweeping or as negative as the market seems to believe," he said. "The administration doesn't want Chinese listings that lack the same kind of transparency as American companies, and it would prefer investors not to buy the shares of companies with opaque financials."
"I know it's been rough, but last week this market was really overbought still, and when you're overbought you tend to get hit with sell-offs … especially when we're being flooded with shoddy IPO merchandise," Cramer said. "I think we need some more downside before I'm really ready to get more positive."
Cramer also gave his game plan for next week
Cramer said investors who are worried about domestic drug stocks have a good chance picking among foreign ones.
"If you want big pharma exposure, with fewer headaches related to U.S. politics, you could always buy a well-run foreign drug company," he said, because they are not so dependent on the American market.
Cramer explained why the mixed quarter Conagra reported Thursday was not quite the usual suspect. The packaged foods company was able to make notable progress in one of its most important segments, he said.
"The comeback in their legacy Pinnacle business is starting to remind me of what Dollar Tree did with its ailing Family Dollar business earlier this year," Cramer said. "I bet Conagra can deliver the same kind of turnaround. These guys are too seasoned to not get it right."
Digital pharmacy GoodRx is now helping patients do more than just price shop for prescription drugs, co-founder and co-CEO Doug Hirsch told Cramer.
It's going directly into the world of medical services by launching GoodRx Care, which allows people to see a board-certified physician for a number of conditions, starting at just $20.
"We wanted to just have an easy solution that anyone could use to get quick care of the most pressing things that affect millions and millions of Americans, so they can stay healthy and stay out of the hospital," Hirsch said in an interview.
-- Reporting by Kevin Stankiewicz.
Cramer noted that the market has slowly but surely made a bad turn, but stocks are still near their highs, making it tough to add more to the portfolio.
"If you're looking for the ideal kind of stock to start buying in this difficult environment, look no further than American Express," the host said.
Nokia: "No. Come on, man. We can't!"
Planet Fitness: "We got to stay away from Planet Fitness, you know why? Because Peloton's stinking up the joint and we don't want to go near that ... until all the sellers of Peloton are done, and then we can circle back to Planet Fitness."
Disclosure: Cramer's charitable trust owns shares of Novartis.