Activist investors demanded changes in companies from Buffalo Wild Wings to Arconic to Whole Foods in the last few weeks, so Cramer also took a closer look at how and whether these activist strategies actually work.
The most convoluted fight for control is the one over high-tech aluminum producer Arconic, which was created from industrial giant Alcoa's split last year.
Activist investor Elliott Management, led by Paul Singer, has been gunning for Arconic CEO Klaus Kleinfeld, which the activist fund believes has been doing a poor job leading the company.
While Cramer favored the Alcoa-Arconic split and Kleinfeld's history as CEO, the "Mad Money" host said it is time to give Elliott's team and their "excellent slate" a chance.
Finally, Cramer spoke with JPMorgan retail analyst Matthew Boss about the rare winners of the brick-and-mortar retail sector.
Boss said he sees those winners pursuing two aspects that he believes are key to staying afloat during the rise of e-commerce.
"Convenience is Amazon, convenience is e-commerce. It's value and convenience. That's what the off-price sector has today," Boss told Cramer on Thursday.
Over 4,000 store closures have been announced in the past 18 months, many of them department stores. Boss said that while the department stores' biggest obstacles are a lack of convenience and value perception, the closings could signal a turn in the embattled sector.
In Cramer's lightning round, he sped through his take on some caller favorite stocks:
CenturyLink: "I know CenturyLink made that acquisition and I think it's a good one and it should help their cash flow, but I don't like to reach for yield. When I see an 8.4 percent yield, that's actually a red flag for me. Yes, it could be, but I just can't recommend something where that yield is so large that it seems difficult for anyone to be able to pay that kind of payout right now, so I'm going to say no, don't buy."
Raytheon Company: "Raytheon's good. It's No. 2. I like General Dynamics, then I like Raytheon, and then after that I like Northrop Grumman and then I like Lockheed Martin, Lockheed Martin having such a big move already."
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