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Today's stock market rally was all about the stocks themselves: FANG, Jim Cramer told his Mad Money viewers Thursday. Yes, FANG, Cramer's acronym for Facebook (FB) - Get Meta Platforms Inc. Report , Amazon (AMZN) - Get Inc. Report , Netflix (NFLX) - Get Netflix Inc. Report and Alphabet (GOOGL) - Get Alphabet Inc. Report has once again proven stronger than the 10-year Treasury and even tariffs and trade.

It was Facebook, an Action Alerts PLUS holding, that led the charge as shares popped 9% on strong growth and spending that was in line with analysts' expectations. Cramer said Facebook remains cheap at just 19 times next year's earnings.

After the bell, we also heard from Amazon, which soared 6% on what Cramer called the biggest earnings beat he's seen in 35 years on Wall Street.

While everyone expected a big revenue number, from Amazon, no one saw $3.27 a share in earnings when analysts were hoping for $1.27.

But Amazon and Facebook aren't even the cheapest of the FANG stocks. That honor goes to Alphabet, another Cramer favorite. He also noted strong earnings from cloud king Service Now (NOW) - Get ServiceNow Inc. Report , up 4.5%, Advanced Micro Devices (AMD) - Get Advanced Micro Devices Inc. Report , up 13.7% and Intel (INTC) - Get Intel Corporation Report .

Beyond earnings, the markets were also soothed by optimistic comments about China from Chief Economic Advisor Larry Kudlow. Cramer admitted that his former co-host is, at times, overly optimistic, but any softening of the trade war talk is welcome news.

Illinois Tools Works (ITW) - Get Illinois Tool Works Inc. Report shares fell after the company's earnings report, but Cramer and the AAP team see it as an opportunity to buy more shares. 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.

Over on Real Money, Cramer says just because rates on the 10-year are back below 3% doesn't mean that's what's driving the rally. Get more of his insights with a free trial subscription to Real Money.

A Bigger Share of the Pie 

For his "Executive Decision" segment, Cramer sat down with Patrick Doyle and Richard Allison, the outgoing and incoming CEOs of Domino's Pizza (DPZ) - Get Domino's Pizza Inc Report , which just posted a 23-cents-a-share earnings beat on a 26% increase in revenues and domestic same-store sales that topped 8.3%. Share rallied 7.3% by the close.

Allison said he's got big shoes to fill, but Domino's still has a lot of runway ahead to make more technical innovations. This quarter, Dominos' introduced hotspots, 200,000 locations like parks and sporting events where you can now have pizza delivered to. The company also continues to make stride with Dom, their AI-powered order taking assistant.

Doyle said that Domino's is never scared to experiment, and started early with things like online ordering, which is why they now have the competitive advantage and a better customer experience. It's all about doing what's right for the business, he said.

When asked about their market share, Allison said that only one out of six pizzas in the U.S. is Domino's, which leaves plenty of room to gain share in a very fragmented market.

Finally, Doyle said he's most proud of his company's franchisees, 90% of which started out as hourly employees and worked their way up to becoming entrepreneurs.

Whirlpool's Woes 

What the government gives, it can also take away, Cramer told viewers, as he issued an apology for his recommendation of Whirlpool (WHR) - Get Whirlpool Corporation Report back in January. Shares have fallen $31, or 7.5% since that call.

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Cramer said his thesis was sound, as President Trump had just slapped a tariff on imported washing machines, a move that would certainly benefit the domestic Whirlpool. But then Trump also added tariffs to steel, the biggest input cost for Whirlpool. Cramer initially felt the company could overcome these rising commodity costs. It didn't.

When Whirlpool reported earlier this week, it posted a 19-cents-a-share earnings miss with flat margins and falling sales in just about every part of the globe. While shares are very cheap at 10 times earnings, Cramer said he no longer has any confidence the company can deliver and estimates will have to be cut in the near future.

Cramer was bullish on Whirlpool's announced buyback of $1 billion worth of its own shares, but even that might not be enough to overcome a pattern of poor execution.

Executive Decision: American Electric Power

In his second "Executive Decision" segment, Cramer checked in with Nick Akins, chairman, president and CEO of American Electric Power (AEP) - Get American Electric Power Company Inc. Report , the utility that just posted a two-cents-a-share earnings miss, but reiterated their full-year guidance. Shares of American Electric Power are down 5.1% for the year but yield 3.6%.

Akins said business is picking up in the territories they serve and GDP is now topping 3.3%. That has led to strong demand for electricity in the industrial sector, up 2.5%, the retail sector, up 1.4% and even the commercial sector.

Akins remained excited about the prospects for their 2,000 megawatt wind farm project in Oklahoma, which will be the largest of its kind, at $4.5 billion. The project spans four states and Akins is hoping for the final approvals soon.

When asked which areas of the country are growing the most, Akins replied that central Ohio remains hot, as do the oil and gas areas of Texas.

No-Huddle Offense

In his "No Huddle Offense" segment, Cramer said turnarounds don't grow on trees, and that's why the turnaround at Advanced Micro Devices, under the leadership of CEO Lisa Su, is so spectacular.

In just three and a half years, Su has taken AMD from near bankruptcy to a real contender against tough rivals like Intel and Nvidia (NVDA) - Get NVIDIA Corporation Report . The company just saw a 40% increase in sales and gross margins up 400 basis points, allowing the company to pay down some debt and strengthen its balance sheet.

Cramer said he remains a fan of AMD, and also of Intel and Nvidia. 

Lightning Round

In the Lightning Round, Cramer was bullish on Walgreens Boots Alliance (WBA) - Get Walgreens Boots Alliance Inc. Report , Arena Pharmaceuticals (ARNA) - Get Arena Pharmaceuticals Inc. Report , Dominion Energy (D) - Get Dominion Energy Inc. Report , Idexx Laboratories (IDXX) - Get IDEXX Laboratories Inc. Report , GlaxoSmithKline (GSK) - Get GSK plc American Depositary Shares (Each representing two) Report , (BIDU) - Get Baidu Inc. Report , Baozun (BZUN) - Get Baozun Inc. Report and Alibaba (BABA) - Get Alibaba Group Holding Limited American Depositary Shares each representing eight Report .

Cramer was bearish on Tower Semiconductor (TSEM) - Get Tower Semiconductor Ltd. Report , Western Union (WU) - Get Western Union Company (The) Report , Huntington Ingalls (HII) - Get Huntington Ingalls Industries Inc. Report and (LX) - Get LexinFintech Holdings Ltd. Report .

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