Cramer's 'Mad Money' Recap: When Broken Stocks Get Fixed

Cramer believes that a private-equity company would be interested in buying these three to create one "plumbing and construction powerhouse" that it could bring public a couple of years from now.

"We want to find the next company to get taken private for a big premium," Cramer said. "And that stock is Lamson."

Panic Not

According to The Financial Times, the market has "the highest percentages of earnings misses this quarter since the third quarter of 2004," Cramer told his viewers. But although the newspaper makes things sound bad, resist the urge to panic, he said.

People shouldn't always sell when a company misses its earnings, Cramer said. In fact, in some cases, it is an opportunity to buy because the stocks tend to bounce back harder than the S&P 500.

Most earnings misses are already baked into prices, he said. Even if you want to sell and the company has no balance sheet issues, wait a few days because it might bounce back, Cramer said.

Whirlpool (WHR Quote) had the type of earnings miss that was already in the stock, he said. It, along with General Electric (GE Quote), has a "virtual monopoly" on washers and dryers. Plus, it is doing a good job integrating recently acquired Maytag, Cramer said.

"Buy it before it takes out its high," he advised, warning people not to buy after hours or before doing their research.