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Cramer's 'Mad Money' Recap: Stop Worrying

But in the longer term, the stock of Petrobras looks even better. Overall, the stock is forming a rounded bottom and the approaching its ceiling of resistance at $14 and $14.50 a share. Once through these ceilings, the sky's the limit. Collins noted that both the relative strength indicator and the stochastics are displaying a bullish divergence, which is a very bullish sign.

Cramer said investors have been trying to correlate the stock of Petrobras with that of crude oil, but when these two charts are analyzed together there simply is no correlation. Instead, Petrobras trades not with oil but with the Brazilian markets, markets, which only just recently started their move higher, Cramer said.

Valero: Up on Down News

When a company pre-announces bad news and shares go higher, investors need to take notice, said Cramer. Such is the case of oil refiner Valero (VLO), which saw its shares pop 3.8% after the company pre-announced a sizable quarterly shortfall.

Cramer said when he saw Valero's move on the news, he knew immediately that the stock had already baked in the shortfall and everyone who was going to sell had already sold. This makes sense, he said, as refining is a margin game that's been helped immensely by the spread between Brent crude and West Texas crude. That spread has been narrowing in recent weeks, with West Texas rising from $91 to $105, putting pressure on refining margins.

But even with shrinking margins, Cramer said Valero is a solid operator. The company yields 2.3% and is working on breaking up its parts to unlock value. It's already spun off its gas stations and retail business, and there's talk the company could create a high-yielding master limited partnership with its midstream assets.

Cramer said Valero is ridiculously cheap, trading at just 6.4 times earnings with an 8.6% growth rate. Given that the bad news is already in the stock, he said he can't blame anyone for wanting to own this stock to see what it does when the news actually turns positive.

Lightning Round

In the Lightning Round, Cramer was bullish on Exelixis (EXEL), Advanced Micro Devices (AMD), Microsoft (MSFT) and Gigamon (GIMO).

Cramer was bearish on MannKind (MNKD), Activision Blizzard (ATVI), Tesla Motors (TSLA) and Deluxe (DLX).

Pepsi, Not Coke

"I'm not buying the excuses," Cramer told viewers as he opined on the disappointing results from Coca-Cola (KO). He said that citing challenging macro-economic conditions and poor weather makes no sense for a company that's a consumer staple. Is soda a major purchase? Do we buy it only in fair weather? Cramer thinks not.

Cramer said the disappointing Coke quarter highlights only one thing, that PepsiCo (PEP) has the better model. He said that while Coke is still heavily reliant on carbonated beverages, PepsiCo has been diversifying itself in snack foods, and healthier snacks at that.

It's clear now that the diversified model is the right one, said Cramer, and one that under the leadership of PepsiCo CEO Indra Nooyi will continue to deliver for shareholders.

Florida's Recovery

In a special interview, Cramer sat down with Governor Rick Scott to discuss Florida's remarkable recovery from the depths of the recession.

The Republican Scott said Florida is on track for record tourism this year and housing prices are on the mend and jobs are once again returning to his state. Florida is the gateway to Latin America, he said, and the expansion of the Panama Canal means more business for Florida ports and ultimately over 25,000 new jobs so far in that industry alone.

When asked about home prices in particular, Scott said people not only prefer to live in Florida, but that's also where the jobs are, two factors that have helped to stabilize the housing. That's also why companies like Hertz (HTZ) recently chose to relocate their headquarters in Florida.

Scott also sounded off against Obamacare, saying the health care plan will be a disaster for our economy.

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

At the time of publication, Cramer's Action Alerts PLUS had no position in stocks mentioned.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC Universal or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor TheStreet.com, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on TheStreet.com. The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in TheStreet.com, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.

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