Cramer's 'Mad Money' Recap: Looking for an Edge

Tough also noted the much of what the company is doing now is becoming more localized, as the world develops more of a localized palette. He said the company is investing heavily into emerging markets.

Much of what the company does is also focused on the trend towards increased health and wellness. Tough said that when customers see "same great taste, less salt/sugar/calories" on the label, that's IFF at work to develop new molecules that are just as good, or better, than the original.

Cramer said International Flavors & Fragrances is a terrific story and is a buy, even with the stock just off its 52-week high.

Cramer's Fantasy Team, Part 3

For today's installment of his "Mad Money Fantasy Stock Portfolio," Cramer debuted his picks for quarterback, tight end, his defense and a kicker.

Cramer said that Apple would have been his first choice for quarterback, but with the stock on a tear recently investors shouldn't pay up for what could be one of the greatest companies of all time.

Instead, Cramer chose Bristol-Myers Squibb (BMY), another Action Alerts PLUS holding, as his QB. He said the drug maker has a terrific 4.3% yield and a fabulous pipeline of new drugs on the way. The company is also past its "patent cliff" of blockbuster drugs coming off patent and the stock will certainty rebound from its recent selloff.

For his tight end, Cramer went with DuPont (DD), a 3.4% yielder with lots of upside potential as it moves away from commodity chemicals and into proprietary ones that fit into hot secular growth themes like agriculture.

As for defense, Cramer drafted AT&T (T), with its 4.8% yield and expanding gross margins. Cramer said AT&T is a bargain at current levels.

Finally, for his kicker, Cramer went with Nike (NKE), a global brand that while it missed big on its last quarter, is now poised for a rebound. Nike is also, appropriately enough, the new apparel supplier for the National Football League.

Lightening Round

Here's what Cramer had to say about callers' stocks during the "Lightning Round":

Fusion IO (FIO): "This is a hot stock. I do not think it will be acquired, but I do think it's doing quite well."

NovaGold Resources (NG): "I hope NovaGold goes up so people can pare their losses. This one is going up in the long run but not in the short term."

Permian Basin Royalty Trust (PBT): "You're fine. Oil is going to go higher and you're going to make money."

Wal-Mart (WMT): "I like Wal-Mart here. I'd buy 50% of a position here and the rest if it pulls back."

DreamWorks Animation (DWA): "No, I'm not a fan. I think it's a loser and I think you should sell it."

Star Scientific (STSI): "I have not been a fan. Philip Morris International (PM) has come back. I'd go with them."

Crown Holdings (CCK): "This has long been one of my favorites along with International Paper (IP) and Bemis (BMS)."

Pfizer (PFE): "Pfizer is a buy here. They're bringing out value and have a good yield. "

Am I Diversified?

In the "Am I Diversified" segment, Cramer spoke with callers and responded to tweets sent via Twitter to @JimCramer to see if investors' portfolios have what it takes for today's markets.

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