Cramer said the surprise rate cut by the European Central Bank also caught investors off-guard, causing the dollar to spike, which in turn sent commodities along with the independent oil producers lower as well. Expect continued pressure on those stocks as investors continue to digest this news, Cramer warned.
Then there were disappointing earnings from
, which dragged the tech sector lower, and disappointing news from
Whole Foods Markets
, which knocked the wind from the sails of all the high-growth stocks including
As if that wasn't enough, the Twitter IPO certainly brought back fears of a market bubble, said Cramer. But in the end, he's still planning to use the market weakness as an opportunity to back up the truck for stocks that are down but don't deserve to be.
Executive Decision: Emil Brolick
In his "Executive Decision" segment, Cramer sat down with Emil Brolick, president and CEO of
(WEN - Get Report)
, which today delivered a two-cents-a-share earnings beat, but still saw its shares slide 11% on a less-than-stellar outlook for 2014.
Brolick said he thought Wendy's was able to deliver a solid quarter but the expectations on Wall Street seem to have gotten ahead of themselves given today's weakness in the stock. He said that Wendy's continues with its brand transformation and has 180 re-imaged stores open with a total of 300 planned by year's end.
When asked about the transformation, Brolick explained Wendy's has a long history of innovation and this transformation is touching all elements of the customer experience from employee uniforms to food packaging, to the dining space to the food itself. Brolick said the company is expecting a 10% to 20% increase in sales from all of its newly renovated stores.
Looking to 2014, Brolick said the company expects only modest commodity inflation next year and is fully prepared to handle any pressures from food or labor costs. Wendy's will update its outlook for 2014 later this year.
Cramer said the move in Wendy's is multi-year, not multi-day, which is why he remains a buyer of the stock.