If you only owned tech stocks, today seemed like the end of the world, Jim Cramer told his Mad Money viewers Wednesday. But if your portfolio was diversified, and included some industrials, today was just another day. Stocks don't go up in the straight line, Cramer reminded viewers, which is why investors need to keep calm and carry on.

Cramer said that FANG -- his acronym for Facebook (FB) , Amazon (AMZN) , Netflix (NFLX) and Alphabet (GOOGL)  -- is not a proxy for the entire market. In the month of September, it's commonplace for fund managers to trim their biggest winners to lock in profits before their fiscal year-end. That's exactly what happened today.

But while the tech stocks were back in focus in Washington and on Wall Street, there were plenty of other sectors that fared just fine. Why should investors pay 23 times earnings for Facebook, which is seeing rising costs and declining revenues, when they could own an industrial like 3M (MMM) for just 20 times earnings? 3M is seeing accelerating sales, and sports a 2.6% dividend yield.

Shares of 3M have fallen from their highs of $259 last year to lows near $190 just a few weeks ago, Cramer said, making them very attractive.

For investors who might not want to own an industrial company in the middle of a trade war, Cramer also suggested Workday (WDAY) , a cloud stock with tons of growth, but none of the publicity problems of Facebook or Twitter (TWTR) .

Cramer and the AAP team are trimming their position in Emerson Electric (EMR) . 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: RH

For his "Executive Decision" segment, Cramer sat down with Gary Friedman, chairman and CEO of RH (RH) , the home furnishings retailer (formerly known as Restoration Hardware) that saw its shares plunge 13% today after the company reported terrific earnings, but with lighter-than-expected revenues.

Friedman first commented on RH's newest retail location, located in the meat-packing district of Manhattan, calling the showroom a statement of "who they are and what they believe in." He said the immersive experience combines food, wine, art and design in a way that only RH can.

When asked about today's stock decline, Friedman said he tells investors to look at RH over the long term. He said they don't do short-term turnarounds, they constantly evolve their business to curate and present goods in an aspirational fashion. After doing a lot of work on the company's back-end operations, Friedman explained he expects to return to accelerating growth on a modern platform that already supports $1 billion in online sales.

Friedman also noted that he personally owns 27% of the company, having made four purchases of stock in the open market over the past 14 months alone. Additionally, RH itself has been aggressively buying back shares on weakness, like that seen today.

Over on Real Money, Cramer talks about a world where a strong employment number is a bad thing. Get more of his insights with a free trial subscription to Real Money.

Not Even a Stretch for Lululemon Athletica 

Every once and awhile, a company reports earnings that are so stunning, it's jaw dropping. This quarter, Lululemon Athletica (LULU) delivered one of those earnings reports, and it did it without a CEO for the second time in a row.

Lulu posted a 22-cents-a-share earnings beat on a monster 25% rise in revenues with expanding gross margins and same store sales that grew a full 20%, more than double what even the analysts were expecting.

Cramer said there were six things that stood out in the company's earnings release. First, Lulu's digital business continued to shine. Second, its retail stores were also on fire. And third, sales accelerated for the fifth quarter in a row.

Lulu also continues to attract more male customers, while embracing China, all with fashions that remain perfectly in tune with customer preferences. Add these together and it's easy to see not only how the company excelled this quarter, but also how it's likely to do it again next quarter.

Executive Decision: Honeywell

In his second "Executive Decision" segment, Cramer sat down with Darius Adamczyk, chairman and CEO of Honeywell (HON) , which has announced plans to streamline its operations by spinning off two divisions.

Adamczyk said that Honeywell regularly reviews its business portfolio and asks itself "What makes a Honeywell company?" Some of their businesses, which are terrific, he added, don't really fit with the Honeywell brand.

For example, Honeywell's transportation business will be spun off as Garrett Motion. Adamczyk said this business has been stellar and the team always delivers on their promises. Honeywell's home and low voltage distribution business will be spun off as a company called Resideo, Adamczyk said, and that business is also on a very solid footing.

When asked about the remaining Honeywell, Adamczyk said the company will be streamlined with tons of cash available for buybacks, dividends, mergers and acquisitions as well as investments into aerospace. The company recently purchased a warehouse automation business, for example, which has an exciting business at the right time, as ecommerce continues to grow.

When Good News Is Bad News

In his "No-Huddle Offense" segment, Cramer said the markets are about to re-enter "Bizarro World," where good news is bad news.

Cramer said that Friday's employment number is likely to be a good one, and while he's not worried that will spark the Federal Reserve to raise interest rates, he is worried that it will spark President Trump to ratchet up the trade war rhetoric.

The pattern is almost predictable, Cramer added. The good news will go out, Trump will attack China, or Europe or Canada, and the stocks of Boeing (BA) , Caterpillar (CAT) and Emerson Electric (EMR) will plunge.

In the end, the goal is to get a better trade deal for American companies, Cramer concluded, not to trash talk our partners. But unfortunately, our president can't seem to restrain himself, which means we all have to be prepared on Friday.

Lightning Round 

In the Lightning Round, Cramer was bullish on Coupa Software (COUP) .

Cramer was bearish on Western Digital (WDC) , Box (BOX) , U.S. Concrete (USCR) , British American Tobacco (BTI) and Tupperware (TUP) . 

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

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