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When it comes to the first quarter of 2016, it was the worst of times or it was the best of times, depending on which half you're looking at. That was Jim Cramer's take on Mad Money Thursday, as he told viewers that this quarter saw extremes in both directions.

When Caterpillar (CAT) - Get Report reported a 15-cents-a-share loss in late January, shares plummeted to $56 a share. But the company also noted its balance sheet was strong, it was gaining market share, inventory was on the decline and it was well positioned for the future. Is it any wonder shares now trade for $76?

Then there's Apple (AAPL) - Get Report , a stock Cramer owns for his charitable trust, Action Alerts PLUS. When Apple reported, shares fell from $105 to $93, despite the company poised to release a new iPhone in the coming months.

Still other names, like Chevron (CVX) - Get Report saw its share rebound from $78 to $95, while Wynn Resorts (WYNN) - Get Report rallied from $50 in the depths of January yo over $93 today.

Cramer said company after company, from Adobe Systems (ADBE) - Get Report to Home Depot (HD) - Get Report , saw remarkable declines and recoveries this quarter, events that were just as amazing as they were predictable.

Executive Decision: Bob Ward

For his "Executive Decision" segment, Cramer sat down with Bob Ward, president and CEO of Radius Health (RDUS) - Get Report , the biotech with shares that have been more than cut in half so far in 2016 as the hostile environment for the industry rages on.

Ward said that his company's treatment for osteoporosis continues to see great results and studies now include 2,400 patients in 20 countries. He noted that while some analysts see limited potential for Radius' treatments, the fact is that more Americans are afflicted with osteoporosis than cancer.

Ward said while millions of patients are suffering from osteoporosis, a full two-thirds of them are never diagnosed or treated for the disease. That's what makes Radius' drugs so exciting.

Beyond osteoporosis, Ward noted trials continue for the rest of Radius' pipeline. He added Radius is not looking to raise more cash at this time.

Cramer said one day good news will matter for Radius, and when it does shares are going higher.

Europe on the Rise

All the signs were there, but only one analyst saw them, Cramer told viewers, referring to the April 2015 article from J.P. Morgan analyst Michael Cembalist, who said Europe had hit bottom and was preparing itself for a recovery. That was about the exact time when the euro bottomed against U.S. Dollar, Cramer noted, and it's been on the rise ever since.

Cramer praised Cembalist for his bold call at time when practically everyone else had given up on Europe. Cembalist, he said, did the homework, digging deep into what European banks and European consumers were actually doing. Cembalist also had the foresight to see what the impacts would be of the many reforms the European Central Bank was making.

Cramer said all of the things Cembalist saw a year ago are exactly the things that are propelling U.S. industrial stocks to new highs a year later.

Executive Decision: Roger Pomerantz

In his second "Executive Decision" segment, Cramer sat down with Dr. Roger Pomerantz, chairman, president and CEO of Seres Therapeutics (MCRB) - Get Report , the biotech working to help restore balance in your intestinal tract.

Pomerantz explained there are trillions of bacteria that live in our intestinal tract, but when patients take antibiotics the natural balance of these bacteria is upset, leading to reinfections and other illnesses. Seres' treatments replace the missing bacteria and restore a natural balance.

Seres aims to meet this huge unmet medical need while also saving the health care system money by lowering hospital re-admittance. The company has partnered with Nestle Health Services to help bring its treatments to patients all over the globe.

Cramer said Seres is yet another example of a great biotech that is being dragged lower by the broader markets.

Lightning Round

In the Lightning Round, Cramer was bullish on Walt Disney (DIS) - Get Report , Time Warner Cable (TWC) , Broadcom (AVGO) - Get Report , Skyworks Solutions (SWKS) - Get Report and McDonald's (MCD) - Get Report .

Cramer was bearish on Relypsa (RLYP) , World Wrestling Entertainment (WWE) - Get Report , Qorvo (QRVO) - Get Report , Shake Shack (SHAK) - Get Report and Invesco Mortgage Capital (IVR) - Get Report .

No Huddle Offense

In his "No Huddle Offense" segment, Cramer reminded investors that investing in biotech stocks is hard. While the group can be incredibly lucrative, as was seen when Medivation (MDVN) shares popped 23% today on takeover rumors, it can also be absolutely heartbreaking, as evidenced by Incyte (INCY) - Get Report and Portola Pharmaceuticals (PTLA) - Get Report , which have seen their shares fall 45% and 60% from their highs last year.

Cramer explained that it's incredibly hard to value biotechs, which often trade on clinical data and drug approvals and not on earnings or sales. It's also hard to predict how the market will react to the political headwinds the group faces or the changes in market sentiment that seem to fluctuate by the hour.

That's why with the biotech group is down 23% for the year, Cramer said it's too late to sell but buying should be reserved for those who can stomach speculating in its truest form.

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At the time of publication, Cramer's Action Alerts PLUS had no position in stocks mentioned.