Are the FAANG stocks back -- or did they never leave? That was the question Jim Cramer posed to his Mad Money viewers Tuesday. The FAANG stocks caught fire Tuesday, he said, and now might be the time to circle back to these fast-growing, high-flyers.

(FAANG is Cramer's acronym for Facebook (FB) , Amazon (AMZN) , Apple (AAPL) , Netflix (NFLX) and Alphabet/Google (GOOGL) .)

Shares of Facebook climbed 3.2% after an analyst concluded the social media giant's service might be stickier than expected, even with the company's many troubles. The fact remains that even users who despise Facebook still have nowhere else to go.

Then there's Apple, which would be a big beneficiary of a trade deal with China. Shares trade for a paltry 11 times earnings, valuing it far less than any other consumer goods company, despite the fact Apple is far more than just a maker of hardware. Cramer, broadcasting from San Francisco this week, noted he's interviewing Tim Cook later in the show.

Meanwhile, Amazon is still the gold standard in both retail and cloud services. There's no reason not to own this member of FAANG, Cramer said. Likewise with Alphabet. While no one really knows how things are going at Google, the stock is inexpensive and the company has piles of cash it can put to work.

The only member of FAANG that gave Cramer pause was Netflix (NFLX) . Not because the company isn't hitting it out of the park, but rather because shares have already run 19% for the year and are now priced for perfection.

As for the rest of FAANG, however, Cramer said it's too late to sell and it might be time to start buying.

Cramer and the AAP team are looking at Facebook's performance after that new analyst's call. Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts PLUS.

Executive Decision: Apple 

In his first "Executive Decision" segment, Cramer sat down with Apple CEO Tim Cook, to learn more about where the company sees itself after pre-announcing a revenue shortfall.

Cook said the he manages Apple for the long term and the company's culture of innovation, its huge install base of 1.3 billion users and its high customer satisfaction and loyalty all combine to help it weather any short-term issues.

When asked about China, the country where much of the revenue shortfall originated, Cook explained that they began to see the Chinese economy slow down in the second half of last year. He remains optimistic that a trade deal will be reached soon, saying that a deal would be good for everyone. In the meantime, Apple is taking steps to help more people trade in their old phones and get into the latest Apple has to offer.

Cook said many of the naysayers have been calling for Apple's demise for years, but they fail to appreciate the ecosystem of apps and developers at Apple, an ecosystem that has never been better.

Turning to the topic of innovation, Cook noted that wearables, which includes Apple Watches and AirPods, already accounts for more revenue than iPods did at their peak. This is a testament to Apple's commitment to a category that didn't even exist just a few years ago.

Continuing his interview with Apple's Tim Cook, Cramer asked why Apple's shares have historically received such a low multiple. Cook said that Apple's story is not well understood on Wall Street. Many analysts still look at how many iPhones the company sells every 90 days, but Cook said as long as a customer is happy, he's fine if they upgrade later instead of sooner. The happier customers are, the more products and services they will eventually buy.

Cook added that while iPhone represents the largest slice of Apple's revenue, last year the company did $100 billion in revenue that was not iPhone. That business, he added, is growing at 19%.

When asked about India, Cook said that India is an important market for Apple. The did $2 billion in revenue in India last year, but still have a lot more work to do.

Cook ended the interview by saying that he believes Apple's greatest contribution to mankind will be health related. He said Apple's devices are democratizing healthcare and allowing people around the globe to collect health data and access health services like never before.

Executive Decision: Allergan

In his second "Executive Decision" segment, Cramer also sat down with Brent Saunders, chairman, president and CEO of Allergan (AGN) , a stock that's off almost $50 a share from its October highs.

Saunders said that Allergan remains a great company, one with 7.7% growth in its core businesses and 12 programs currently in Phase III clinical trials. He said the vast number of the company's recent acquisitions have been very good deals for Allergan.

While Allergan is best known for medical aesthetic products, like Botox, the company has also built when Saunders called the best migraine treatment portfolio of any company. He said in addition to injected treatments, they are also set to introduce an oral, on-demand treatment that could be a game-changer for many migraine sufferers. Allergan is also a leader in eye care, including the treatment of glaucoma.

When asked if he'd consider splitting up the company, Saunders said Botox is an incredibly strong brand and it wouldn't make sense to split, especially given that spinoffs are an expensive, multi-year process. 

Over on Real Money, Cramer talks about how to play retail and housing stocks this spring. Get more of his insights with a free trial subscription to Real Money.

No-Huddle Offense 

In his "No-Huddle Offense" segment, Cramer said that while there's no doubt that Federal Reserve chair Jay Powell's comments last week were great for the market and our economy, there is one thing we need to be concerned about. If Powell changed his mind once, could he change it again?

If the Fed continues to see great things happening in the economy and the stock market, there's a good chance more rate hikes could be on the table, Cramer said. Overall, the holidays seemed pretty good for retail, and bond prices are giving the mortgage market a reprieve, which has all of the housing-related stocks flying.

But if there's a possibility of more Fed tightening, many of these gains could be stopped in their tracks, which is why Cramer said investors need to keep their eyes open and be careful if we see too much of a good thing.

Lightning Round

In the Lightning Round, Cramer was bullish on Canopy Growth (CGC) , Southwest Airlines (LUV) , Under Armour (UAA) and Bank of America (BAC) .

Cramer was bearish on Tilray (TLRY) .

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At the time of publication, Cramer's Action Alerts PLUS had a position in FB, AAPL AMZN, GOOGL.

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