Cramer's 'Mad Money' Recap for July 2

Cramer also noted the company's long-term growth prospects. Twelve percent of all births in the U.S. require NICU services, and that number is expected to increase with women having children later in life, the increased use of fertility drugs and the increased prevalence of diabetes in the U.S. population.

Cramer said Pediatrix has already had its sell-off, with shares falling from a high of $70 a share to just $48 a share today. The company now trades at just 17 times its earnings with a long-term growth rate of 13%. Cramer gave the stock a target of $62 a share, or a 28% gain of today's levels.

A Way to Stay in Natural Gas

Cramer warned that there will be more pain coming for his favorite sector, natural gas. He told investors that if they can't handle a 5% to 10% sell-off in the group, they may want to scale back now and buy some back at lower levels.

Cramer then recommended Spectra Energy (SE Quote) as a smaller natural gas play they may not be as volatile as some of the bigger stocks he's recommended previously.

Spectra is a natural gas transmission company that helps get natural gas where it needs to go, said Cramer. The company has 58,500 miles of gathering and processing pipes, along with 18,000 miles of transmission pipelines.

With over $3 billion worth of projects in the works, Cramer said Spectra is in a strong position. "Coal is so out of favor due to its emissions," he said, "that natural gas is the logical alternative." The company also sports a $600 million stock buyback program and a 3.5% dividend yield.