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) -- Today's decline was just a garden variety selloff and not something to panic about, Jim Cramer told

"Mad Money"

viewers Thursday as he tried to put the day's big drop in the markets into context.

Cramer said it may seem counter-intuitive that cheaper gasoline, falling prices at the supermarket and record low interest rates are a bad thing, but for those who manage money that's exactly what they're thinking. To fund managers, a big decline in commodities means the world's economies are in trouble, so now's the time to sell, sell, sell.

But Cramer looks at cheap gas and low commodities from the consumer's point of view, which means all of these "negatives" add up to paying less at the pump, less for food and way less on the mortgage. While, yes, there are companies such as commodity producers that are hurt by falling prices, for the vast majority of companies earnings will be stellar going forward.

The markets have had a nice run to the upside, nearly in a straight line, said Cramer, so it's only natural to have a pullback from time to time, especially given that the world's leaders have done nothing to right the world's economies. He said world leaders must focus on growth or eventually earnings will begin to suffer. For the time being, however, Cramer said he's only worried about inflation, not deflation.

Sell Block

In the "Sell Block" segment, Cramer put two diverging analysts to the test by examining the stock of


(EXPE) - Get Expedia Group, Inc. Report

. On Tuesday, analysts at Piper Jaffray downgraded the travel and leisure giant but on Wednesday, Stifel Nicolaus used the weakness to reiterate its buy on Expedia while upping its price target for the stock.

When Expedia last reported, it blew away the estimates by 10 cents a share in what was one of the best quarters in years. The company saw unique visitors rise and was on track with its technology upgrades. Analysts at Piper Jaffray upgraded Expedia on May 23 as a result of those strong results.

However, since then Piper Jaffray noticed that unique visitors began to slow and the firm began worrying about the company's European exposure. After a huge run up in the stock, the firm now feels that Expedia is worrisome.

Stifel Nicolaus analysts, on the other hand, are still bullish on Expedia and are not worried about Europe. The firm cited continued payoffs from the company's technology upgrades as reasons to continue to own the stock.

TheStreet Recommends

Cramer said after hearing both arguments, he's siding with the more cautious Piper Jaffray and is adding Expedia to his Sell Block. Cramer once again reminded viewers that price matters when it comes to buying stocks, and with Europe still a major concern for the travel industry Expedia cannot justify its share price.

"There will be a better chance to buy this one at a lower price," Cramer concluded.

Gone Fishing

Is it time to go bottom fishing for some of the most beaten-down industrial stocks? Cramer said when it comes to


(ETN) - Get Eaton Corp. Plc Report

, a stock that's down 29%, the answer is decidedly "yes."

Shares of Eaton now sport a 4% dividend yield, said Cramer, a level that has historically been a great time to buy. Back in 2008, during the depths of the recession, Eaton shares were able to hold at the 4% level and Cramer said they're likely to do it again given that the company just recently boosted its dividend once more.

But there are lots of reasons to like Eaton other than valuation. Cramer said the company's planned acquisition of

Cooper Industries

( CBE) will be transformative, creating over $375 million a year in synergies and turning Eaton into primarily an electrical equipment player with 59% of sales stemming from that industry. The combined Eaton will also have more exposure to higher-margin products and faster-growing emerging markets.

Eaton has a long history of dominating its markets, said Cramer, and he sees no reason for that trend not to continue. Shares of Eaton currently trade at just 7.7 times earnings, while historically shares fetch on average 13.1 times earnings. With Eaton's exposure to the fast-growing energy efficiency and aerospace markets, Cramer said that Eaton is most certainly a buy at these levels.

Lightning Round

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

Cognizant Technology

(CTSH) - Get Cognizant Technology Solutions Corporation Class A Report

: "I'm sending you to


(ACN) - Get Accenture Plc Class A Report

, which is a better buy and cheaper."

Las Vegas Sands

(LVS) - Get Las Vegas Sands Corp. Report

: "I am worried about Chinese slowing, but it is the best of the bunch."


(FTNT) - Get Fortinet, Inc. Report

: "I like it longer term, but let's wait and see. I can't recommend it here."

Rosetta Stone

(RST) - Get Rosetta Stone Inc. Report

: "That is way too speculative for me."

Isis Pharmaceuticals


: "I like this kind of stock. It has no economic sensitivity."


(GNTX) - Get Gentex Corporation Report

: "No. I am very worried about them. There are real issues there."

Executive Decision

In the "Executive Decision" segment, Cramer spoke with Kelcy Warren, chairman and CEO of

Energy Transfer Partners


, a pipeline master limited partnership with an 8% yield. Cramer currently owns shares of Energy Transfer for his charitable trust,

Action Alerts PLUS.

Warren said master limited partnerships have not been faring well in the markets as of late. He called it an "odd market" where an 8% yield is out of favor.

That said, Warren admitted that Energy Transfer Partners has created a complicated story with a large acquisition and a drop-down of assets from its parent company. He said the company is working to simplify the balance sheet and will be answering many questions in the months to come.

However, as a result of the asset reshuffling, Energy Transfer is in a "good position," said Warren, with assets in the right place at the right time. The company is still investing over $2 billion into new pipeline projects, he said, all of which will offer huge growth. "We continue to be a growth story," said Warren.

Warren confirmed that his company will still need to issue equity to fund its growth, but added that the recent sale of its propane business has added to their cash position. With natural gas storage facilities starting to show supply and demand in balance, Warren expects growth to pickup soon.

Cramer continued his recommendation of Energy Transfer Partners.

No Huddle Offense

In his "No Huddle Offense" segment, Cramer opined on the sudden change in fortunes for


(CELG) - Get Celgene Corporation Report

after the company pulled its European application for Revlimid, its primary cancer-fighting drug. Meanwhile, rival

Onyx Pharmaceuticals


received approval for a similar drug. Has an old star fallen while a new one is being born, asked Cramer?

Cramer said Celgene is a reminder of the speculative nature of owning biotech stocks, especially those that rely on a single drug to prosper. He said he's still a believer in Celgene at these lower levels, albeit not as emphatically as before.

As for Onyx, Cramer said that company may still be a takeover target, but after the stock's big run up he's not willing to chase it higher.

--Written by Scott Rutt in Washington, D.C.

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At the time of publication, Cramer's Action Alerts PLUS had a position in ETN and ETP.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for, Inc., and CNBC, and a director and co-founder of All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of 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, 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 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, 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, 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 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, 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.