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Trying to figure out the "pin action" from one company's earnings is not easy, Jim Cramer told his Mad Money viewers Thursday, but doing so can uncover a lot of buying opportunities.

Case in point: Buffalo Wild Wings (BWLD) , which saw its shares plunge 17% after it reported a dramatic deceleration in same-store sales. Naturally, other restaurants including Darden Restaurants (DRI) - Get Free Report and Dinequity (DIN) - Get Free Report also followed lower but created chances to buy McDonald's (MCD) - Get Free Report , a turnaround story, and Domino's Pizza (DPZ) - Get Free Report , which passes many of its costs to its franchisees, at great prices.

Meanwhile, in the semiconductor space, NXP Semiconductor (NXPI) - Get Free Report offered investors horrible guidance today but that only created buys in more stable semi namesTexas Instruments (TXN) - Get Free Report and Intel (INTC) - Get Free Report .

Weakness in Delphi Automotive (DLPH) - Get Free Report and BorgWarner (BWA) - Get Free Report  helped make Ford (F) - Get Free Report and General Motors (GM) - Get Free Report buys as well, Cramer noted.

But the reverse is also true. Good numbers from Sherwin-Williams (SHW) - Get Free Report  should spell good news for Home Depot (HD) - Get Free Report and rival Lowe's (LOW) - Get Free Report . Cramer said he'd be a buyer of both those companies.

Then there's Apple (AAPL) - Get Free Report , a stock Cramer owns for his charitable trust, Action Alerts PLUS. He said that his stance on Apple hasn't changed: Own it, don't trade it.

Executive Decision: Rick Hamada

For his "Executive Decision" segment, Cramer checked in with Rick Hamada, CEO of Avnet (AVT) - Get Free Report , the supermarket to the tech industry and a company that just delivered a 9-cents-a-share earnings beat.

Hamada said that tech is still a great business to be in and Avnet is seeing continued strength in its components business, along with a continued recovery in Europe. He said that with all of the new trends in social, mobile, cloud and analytics, there is still lots of growth ahead. Hamada fell short of calling a bottom in the personal computer market, however.

When asked to comment on the horrible forecasts from NXP Semiconductor, Hamada said that while he didn't know the specifics for NXP, he said typically a big disconnect in earnings like that stems from direct customer problems and not from the broader markets.

Avnet also continues to buy its own stock, repurchasing $145 million in shares this quarter with another $400 million authorization still outstanding.

Cramer said Avnet continues to be a great, low-risk way to play the tech bull market.

The Bears Are Out There

The bears continue to roam Wall Street, Cramer told viewers. First they took on the oils, then the industrials and more recently the biotechs. But there are two sectors from which the bears continue to shy away -- auto parts and defense -- and those sectors remain screaming buys.

Cramer said the high prices of new cars continue to make people keep their aging cars longer, which is why O'Reilly Automotive (ORLY) - Get Free Report shares surged another 4.9% today. In fact, all of the auto parts retailers are near 52-week highs, with lowly Pep Boys (PBY) - Get Free Report getting a takeover bid.

Then there are the defense stocks. While investors mistakenly focus on the U.S. sequester, they ignore the increased spending by practically every other country in the world. With plenty of big contracts to go around, Cramer said stocks like Lockheed Martin (LMT) - Get Free Report remain buys.

Executive Decision: Jonathan Ayers

In his second "Executive Decision" segment, Cramer sat down with Jonathan Ayers, chairman and CEO of Idexx Laboratories (IDXX) - Get Free Report , the animal health company that makes everything from diagnostic tests and digital imaging products to information management systems for animal health providers. Shares of Idexx fell nearly 10% after the company reported a 1 cent-a-share earnings beat but with weaker-than-expected guidance.

Ayers said Idexx continues to innovate and grow in the vet medicine industry, and much of the forecasted weakness stems from global currency pressures. He said people love their pets all over the world and that isn't likely to change anytime soon.

Ayers touted new tests Idexx is developing for early detection of kidney disease in pets. He said kidney disease is to dogs and cats as heart disease is to humans. But by detecting it early, diets can be changed to minimize the effects.

Cramer said Idexx is the only vet play that he trusts.

Lightning Round

In the Lightning Round, Cramer was bullish on Verizon (VZ) - Get Free Report , T-Mobile US (TMUS) - Get Free Report , Sierra Wireless (SWIR) - Get Free Report , Novavax (NVAX) - Get Free Report , VeriFone (PAY) , Boeing (BA) - Get Free Report , Honeywell (HON) - Get Free Report , Alcoa (AA) - Get Free Report , Ironwood Pharmaceuticals (IRWD) - Get Free Report and Palo Alto Networks (PANW) - Get Free Report .

Cramer was bearish on Vonage Holdings (VG) - Get Free Report , Rackspace Hosting (RAX) , Weight Watchers (WTW) - Get Free Report , Woodward (WWD) - Get Free Report and Fortinet (FTNT) - Get Free Report .

Am I Diversified?

In the "Am I Diversified?" segment, Cramer spoke with callers and responded to tweets sent via Twitter to @JimCramer to see if investors' portfolios have what it takes for today's markets.

The first portfolio included Visa (V) - Get Free Report , Walt Disney (DIS) - Get Free Report , Wells Fargo (WFC) - Get Free Report , PayPal (PYPL) - Get Free Report and Wingstop (WING) - Get Free Report .

Cramer said this portfolio needed to sell either Visa or PayPal because it cannot have both.

The second portfolio's top holdings included Facebook (FB) - Get Free Report , (AMZN) - Get Free Report , Netflix (NFLX) - Get Free Report , Gilead Sciences (GILD) - Get Free Report and Starbucks (SBUX) - Get Free Report .

Cramer said this portfolio was properly diversified.

The third portfolio had Berkshire Hathaway (BRK.B) - Get Free Report , AT&T (T) - Get Free Report , CVS Health (CVS) - Get Free Report , Cemex (CX) - Get Free Report and Chevron (CVX) - Get Free Report as its top five stocks.

Cramer also blessed this portfolio as properly diversified.

The fourth portfolio's top stocks were Schlumberger (SLB) - Get Free Report , Energy Transfer Partners (ETP) , Celgene (CELG) - Get Free Report , Target (TGT) - Get Free Report and General Electric (GE) - Get Free Report .

Cramer said this portfolio needed to sell either Schlumberger or Energy Transfer and add a defense stock in its place.

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, ETP, FB, LMT, PYPL, SBUX, TGT and WFC.