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That was Cramer's analysis after it was reported that a full one-third of all corporate cash is held by just five companies. The stocks of those five companies are not being rewarded for their success and frugality, he said. Rather, they are down an average of 3% for the year.
Apple (AAPL) - Get Apple Inc. Report , a stock Cramer owns for his charitable trust, Action Alerts PLUS, has the largest cash hoard, $233 billion, and has a stock that's down 8% for the year. Despite trading at a scant 11 times earnings, Cramer said, Apple is still being viewed as just another device maker with limited growth potential.
Next is Microsoft (MSFT) - Get Microsoft Corporation Report , with $105 billion in cash. Cramer said this company is transitioning from PCs to the cloud but hit a wall this quarter that must be surmounted before the stock can rally from its 9.8% decline.
Third and fourth on the list are two more Action Alerts PLUS names, Alphabet (GOOGL) - Get Alphabet Inc. Class A Report and Cisco Systems (CSCO) - Get Cisco Systems, Inc. Report , with $75 billion and $63 billion in cash, respectively. Cramer said Alphabet needs to do something bold, but he remains a huge fan of buying Cisco aggressively right here given its 3.7% yield.
Finally, there's Oracle (ORCL) - Get Oracle Corporation Report with $50 billion in cash. Despite trading up 7% for the year at 14 times earnings, Cramer said he'd stay away given the mounting competition in the cloud space from Microsoft and others.
When technician, colleague and market bear Bruce Kamich issued a report that included five bullish stocks, Cramer said he immediately took notice. Kamich might really be onto something.
Cramer said he, too, is bullish on Flowserve (FLS) - Get Flowserve Corporation Report , a specialty valve maker that's downsizing plants and staff while improving its bookings, as well as FMC Technologies (FMC) - Get FMC Corporation Report , our nation's eighth-largest crop protection company that also happens to be tripling its lithium production to serve the electric car market.
Franklin Resources (BEN) - Get Franklin Resources, Inc. Report is also on Kamich's list and Cramer said this company's emerging market portfolio could be turning for the better, making this stock a buy.
Fourth on Kamich's list is oil company Helmerich & Payne (HP) - Get Helmerich & Payne, Inc. Report , which while seeing an upturn in its chart is not a buy, according to Cramer. He said of the company's 347 oil rigs, a full 263 of them are currently idle. Cramer said to take a pass and buy some Schlumberger (SLB) - Get Schlumberger NV Report instead.
Finally, there is NRG Energy (NRG) - Get NRG Energy, Inc. Report , the utility that attempted to become an alternative power company at the worst possible time. After the company's CEO resigned in February it's been all uphill for NRG, which is now well off its lows thanks to new management.
So of Kamich's five picks, Cramer said he likes four of them but cannot bless the declining fundamentals at Helmerich & Payne.
Focus on Medical Device Makers
The biotech and pharmaceutical stocks have been taking fire for months thanks to an active political cycle and allegations of price gouging, Cramer told viewers. But with 15% of the S&P 500 made up of healthcare, fund managers have to invest somewhere, and that somewhere has been with the medical device makers.
All seemed lost for medical devices when the Affordable Care Act levied a 2% tax in 2013. Innovation and IPOs in the sector came to an abrupt halt, Cramer explained, until the tax was suspended last year in 2015.
Innovation has returned to medical devices, thanks to new technologies and a rash of takeovers and mergers, fueled by an aging demographic that needs everything this group sells.
Cramer noted C.R. Bardundefined issued strong earnings and full-year guidance when it reported, yet still trades at just 19.5 times earnings. He is also a fan of Boston Scientific (BSX) - Get Boston Scientific Corporation Report , even with shares up 11% after the company reported stellar earnings.
Cramer's favorite in the group remains Edwards Lifesciences (EW) - Get Edwards Lifesciences Corporation Report , with shares up 27% so far year to date. But he also gave the nod to both Zimmer Holdings (ZBH) - Get Zimmer Biomet Holdings, Inc. Report and Stryker (SYK) - Get Stryker Corporation Report , which trade at just 13.6 and 17 times earnings, respectively.
In his "Homework" segment, Cramer followed up on a few stocks that stumped him during earlier shows. He said Hannon Armstrong (HASI) - Get Hannon Armstrong Sustainable Infrastructure Capital, Inc. Report , a specialty finance company focusing on sustainable energy and with a 6% yield, is worth speculating on if the Federal Reserve holds off on raising interest rates.
Next, Cramer said student loan financier, SLM Corp (SLM) - Get SLM Corp Report , is down 40% from its highs but remains in the political cross-hairs. So, too, does Mednax Health (MD) - Get MEDNAX, Inc. Report , which trades at just 14 times earnings.
Cramer took a pass on Ship Finance International (SFL) - Get SFL Corporation Limited Report , saying he prefers Nordic American Tanker (NAT) - Get Nordic American Tankers Limited Report in this group.
In the Lightning Round, Cramer was bullish on Walgreens Boots Alliance (WBA) - Get Walgreens Boots Alliance Inc Report , Beacon Roofing Supply (BECN) - Get Beacon Roofing Supply, Inc. Report , AbbVie (ABBV) - Get AbbVie, Inc. Report , Federal Realty Investment Trust (FRT) - Get Federal Realty Investment Trust Report , Starbucks (SBUX) - Get Starbucks Corporation Report and CVS Health (CVS) - Get CVS Health Corporation Report .
Cramer was bearish on Rite Aid (RAD) - Get Rite Aid Corporation Report , Brixmor Property Group (BRX) - Get Brixmor Property Group, Inc. Report , Square (SQ) - Get Square, Inc. Class A Report and Apple Hospitality REIT (APLE) - Get Apple Hospitality REIT Inc Report .
No Huddle Offense
In his "No Huddle Offense" segment, Cramer said ever since the chatter of a June interest hike emerged, the international stocks have been getting hammered. That may be a signal to buy.
Cramer said McDonald's (MCD) - Get McDonald's Corporation Report and Pepsico (PEP) - Get PepsiCo, Inc. Report , an Action Alerts PLUS holding, are buys thanks to the Fed-induced weakness. He is also bullish on 3M (MMM) - Get 3M Company Report , which fell from $170 to $164 in recent days, along with Kimberly-Clark (KMB) - Get Kimberly-Clark Corporation Report and Estee Lauder (EL) - Get Estee Lauder Companies Inc. Class A Report .
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At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL, CSCO, GOOGL, PEP, SBUX and WBA.