Cramer's 'Mad Money' Recap: Dow Drops the Ball

But Cramer warned: "You just can't trade off a single month's data, especially for a restaurant stock." It's simply not indicative of the company's overall performance, he argued. This past Friday, McDonald's released its January same-store sales, and it turns out they were up 5.7% driven by strong international sales.

"No one ever made a dime panicking," Cramer reminded viewers. In hindsight, buying after the downgrade was the right thing to do, he said. The case for the downgrade was based solely on slowing U.S. sales, but McDonald's is a true international company. Cramer would still be a buyer of McDonald's, even at its current level.

Sudden Death

In Sudden Death, Cramer was bullish on Hologic (HOLX Quote), Jacobs Engineering (JEC Quote) and Chicago Bridge & Iron (CBI Quote).

Lightning Round

Here's what Jim Cramer had to say about some of the stocks that callers offered up during the "Mad Money Lightning Round" Monday evening:

Gamestop (GME Quote): "GameStop is good, but not great here. We need to wait another 8 months for this one."

NYSE Euronext (NYX Quote): "The quarter was awful. We have to give the new CEO a chance. I'd be a buyer under $63/share."

Arch Coal (ACI Quote): "Arch Coal is a winner, as is

Peabody Energy (BTU Quote)"

First Solar (FSLR Quote): "First Solar is going to do great, oil is going back up. I would buy more."

National Oilwell Varco (NOV Quote): "I think this one is in great shape, we can't get enough oil rigs."

Level 3 Communications (LVLT Quote): "LVLT reported a good quarter, but I want to see one more good quarter first."

Sherwin-Williams (SHW Quote): "That's an up stock, it's come down 20 points, that one's a winner."

Navteq (NVT Quote): "I say GPS has peaked, I don't want to be into this one. "

Activision (ATVI Quote): "I think this one's played out, I'm in the don't buy camp."

Bear Stearns (BSC Quote): "I think you stick with Bear, I think this Justice Dept thing will be cleared up."

Verizon (VZ Quote): "This stock has been hammered, I recommend Verizon."

Want more Cramer? Check out Jim's rules and commandments for investing by clicking here.

For more of Cramer's insights during the Lightning Round, click here.