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People are giving up too easily, Jim Cramer told his Mad Money viewers Thursday. The markets are seeing huge sector rotations that can only be characterized as panic, mixed with over-ownership by fund managers.

Cramer said the industrials were the hot place to be just two weeks ago but have since been sold voraciously... just in time for 3M (MMM) , General Electric (GE) and United Technologies (UTX) to all post strong quarters.

Investors also gave up on oil, only to miss an amazing $7 rally. The same is true of Apple (AAPL) , a stock Cramer owns for his charitable trust, Action Alerts PLUS. He said analysts are treating Apple as a hardware company, ignoring its service revenue potential.

Finally, there's health care, which has become an easy target for all of the major political candidates, who have sent everything related to pharma and biotech sharply lower despite the huge potential these companies still offer.

Cramer's advice? Pick through the rubble and start buying some of the best of what's being tossed out. There's no hurry, however. Buy in stages as the markets continue to gyrate.

Blame the Fed

The Federal Reserve needs to do its homework and listen to the conference calls of American manufacturers, Cramer proclaimed. The Fed's actions are hurting companies and stunting our economic growth.

While falling short of repeating his famed "They know nothing" Fed rant of 2007, Cramer chastised the Fed for sacrificing American jobs in the name of non-existent inflation.

"We're only beginning to feel the effects" of the Fed's quarter-point rate hike, Cramer said, as it's becoming markedly harder for U.S. companies to do business overseas.

Cramer called out the conference call of Procter & Gamble (PG) as the perfect case study of the damage the Fed is causing. On the call, Procter's management detailed how current pressures in Argentina, for example, are costing the company $140 million. Procter also detailed why it's difficult, and costly, to hedge against these pressures for many currencies around the globe.

Cramer said the end result of the Fed's actions are U.S. jobs disappearing. Companies including P&G are forced to cut costs elsewhere to offset the effects of an unbridled U.S. dollar.

Cramer Loves Facebook

Investors looking for the cheapest of the "FANG" stocks should look no further than Facebook (FB) , which posted a terrific quarter that sent shares surging 15.5%.

Cramer said Facebook, an Action Alerts PLUS holding, delivered one of the best quarters of any company he has followed in ages. The company is seeing accelerated revenue growth, has no economic sensitivity and tons of room for continued growth.

Facebook's management said on the conference call Facebook is under-appreciated as an advertising medium, and investments the company makes in its business yield almost instant returns for shareholders.

While Facebook's acquisitions of What's App and Oculus were panned at the time, these two new units are poised to be monetized in a big way.

That's why Cramer concluded Facebook is one of the best news stories of the year so far.

Executive Decision: Rick Hamada

In his "Executive Decision" segment, Cramer checked in with Rick Hamada, CEO of Avnet (AVT) , the technology supplier that reported an earnings miss of 3 cents a share on a 9% decline in revenue.

Hamada acknowledged that "a miss is a miss" and he was disappointed with the results this quarter. However, he said there were some silver linings including expanded grow margins, strong cash flows and increased cost controls.

Hamada attributed the earnings shortfall to a slowdown in Avnet's components and computer businesses in the Americas. He said the first few weeks of January have been positive.

Overall, Hamada said, he remains a believer in the transition to an Internet of things, embedded systems and third-party platforms for enterprise IT systems, all of which are powered by the components and services that Avnet sells.

Cramer characterized this quarter's shortfall as merely a "hiccup" and said things are already looking up for Avnet.

Lightning Round

In the Lightning Round, Cramer was bullish on T-Mobile US (TMUS) , Baxter International (BAX) , Illumina (ILMN) , Novavax (NVAX) , Celgene (CELG) and Opko Health (OPK) .

Cramer was bearish on Becton Dickinson (BDX) , (JD) and Cambrex (CBM) .

Executive Decision: Rick Akins

In his second "Executive Decision" segment, Cramer spoke with Rick Akins, chairman, president and CEO of American Electric Power (AEP) , the electric utility with five million customers in 11 states. American Electric Power is also an Action Alerts PLUS holding.

Akins said that despite the warmest winter quarter in over 30 years, American Electric was still able to meet full-year guidance. He said the warmer weather equated to a loss of 11 cents a share, which is sizable.

When asked about the overall economy, Akins said he still sees growth in counties with lots of oil and gas, but new oil and gas activity is beginning to slow. Outside of oil and gas, Akins sees some weakness beginning to form in the industrial space.

Despite the economic weakness, Akins said American Electric has capital ready to deploy to optimize the electric grid, but the company is less interested in buying a natural gas company, which would increase risk.

Cramer said investors shouldn't always look for that home run for their portfolio. Sometimes a consistent hitter like American Electric is exactly what they need.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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