Italy and Spain are still weak, noted Cramer, which could signal bad news for multinational companies as well as the financials, both of which are still tied to the troubled continent.
Cramer said he's still a buyer of stocks on any weakness, especially on weakness caused by Europe. But investors must always keep both eyes open to developments in the world's economies as they can still have an impact on the U.S. recovery.
In the "Executive Decision" segment, Cramer sat down with Frits Van Paasschen, president and CEO of Starwood Hotels (HOT), the hotel and resort chain that Cramer said has been hot and getting hotter.
Van Paasschen said Starwood is currently in great shape, the company has a great balance sheet, it generates fees from more sources than ever before and it has 20% more properties than it had just a few years ago. Of the company's 300 properties, Van Paasschen noted a full 85% of them are in red-hot emerging markets. Given that many are franchised, Starwood offers investors cashless growth with no capital investment.When asked about those hot emerging markets, Van Paasschen said China is picking up and there's strength in Latin America and even in Africa. Starwood has more rooms in China than it does in Europe, he noted, but the company still sees a lot more upside to come. "This is a generational change in travel," Van Paasschen said, not just the usual business cycle. Starwood currently competes in the high-end to middle market of the hotel and resort business, Van Paasschen said, which allows the company to generate more fees per room than mid- to lower-end competitors. Below the middle, he said, you need a lot more rooms to generate the same level of income. Cramer said he continues to like Starwood, which is trading for a lot less than the company is actually worth.
Lightning RoundIn the Lightning Round, Cramer was bullish on Vector Group (VGR), Axiall (AXLL), Accenture (ACN) and Bemis (BMS). Cramer was bearish on ConocoPhillips (COP), Booz Allen Hamilton (BAH), MasterCard (MA), Spartech (SEH) and LeapFrog (LF).
Mad MailIn the "Mad Mail" viewer feedback segment, Cramer said Hewlett-Packard (HPQ) is intriguing, with shares being down 44% last year. He said he would not sell shares down here and is taking a wait-and-see attitude for the next few quarters. When asked about Abbott Laboratories (ABT) and its recent spinoff AbbVie (ABBV), Cramer said he likes growth, which is why he continues to like Abbott, a stock he owns for his charitable trust,
No Huddle OffenseIn his "No Huddle Offense" segment, Cramer told viewers they'd be foolish not to get in on the secondary offering from Enterprise Products Partners (EPD), as the oil and gas pipeline MLPs have been on fire and every secondary offering has been an opportunity to get into the move at a great price. Cramer said that Enterprise, like most pipeline companies, just can't lay pipe fast enough to keep up with the huge surge in oil production here in our country. Enterprise currently moves 4.3 million barrels a day, but that will be just the beginning. Cramer told viewers to stick with quality pipeline players, and Enterprise is definitely among that group. To sign up for Jim Cramer's free Booyah! newsletter with all of his latest articles and videos please click here. To watch replays of Cramer's video segments, visit the Mad Money page on CNBC. -- Written by Scott Rutt in Washington, D.C. To email Scott about this article, click here: Scott Rutt Follow Scott on Twitter @ScottRutt or get updates on Facebook, ScottRuttDC
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