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We need to see growth in Friday's jobs report, Jim Cramer told his Mad Money viewers Thursday. But if the number is too big or too small the stock market is in for trouble.

Cramer said we all know what happens to stocks when job creation soars: The markets start fretting over another Federal Reserve interest rate hike. But if job creation slows, that unleashes its own parade of horribles.

A bad jobs number would likely send oil prices lower on the premise that demand is falling. It will also unleash more rhetoric from the political candidates anxious to jump on any and all bad news. The banks will also likely fall because they need higher interest rates to thrive.

Cramer said the insurers will do well, however, as we saw today with both Chubb (CB) - Get Chubb Limited Report and Allstate (ALL) - Get Allstate Corporation Report surging 3.9%. But retail will not be so lucky. L Brands (LB) - Get L Brands, Inc. (LB) Report fell 12% on a weak forecast for the rest of the year.

Cramer said investors should also expect the rotation out of the cyclicals and into soft goods makers, like Kraft Heinz (KHC) - Get Kraft Heinz Company (KHC) Report , a stock which he owns for his charitable trust, Action Alerts PLUS, which posted a 1% rise in sales but saw a 3% gain in its stock price.

All of these sectors have their fates resting in the hands of tomorrow's jobs report, Cramer concluded, which is why the number needs to be just right.

Elon Musk Can Get Away With Murder

Some CEOs can get away with anything, Cramer told viewers, while others can't seem to catch a break. That was Cramer's conclusion after earnings from Tesla Motors (TSLA) - Get Tesla Inc Report , Apple (AAPL) - Get Apple Inc. (AAPL) Report , an Action Alerts PLUS holding, and Fitbit (FIT) - Get Fitbit, Inc. Class A Report this quarter.

Cramer said that while Tesla posted in-line earnings, CEO Elon Musk's projection that Tesla would be producing 500,000 cars a year by 2018 after barely being able to produce 17,000 this quarter was shameless. He said Musk can get away with it because Tesla's cars are in high demand.

But then there's Apple's Tim Cook, who despite also posting great earnings was seen as a huge failure for overseeing the "death" of the iPhone. Cramer said the quarterly decline in demand for the iPhone was all investors needed to begin writing the company's obituary.

Finally, there is James Park, CEO of Fitbit, who singlehandedly sent his company's shares plunging 18% after beating this quarter's lowered expectations, then inexplicably lowering next quarter's expectations in an effort to repeat the cycle. Cramer said numbers apparently mean nothing to Park, who should just not offer guidance at all if his company is unable to make a proper forecast.

Cinco de Mayo Beer Rankings

In honor of today's Cinco De Mayo holiday, Cramer took the opportunity to rerank the beer companies to see which ones are coming out on top.

Cramer said the big news in the beer biz is the Anheuser-Busch InBev (BUD) - Get Anheuser-Busch InBev SA/NV Sponsored ADR Report acquisition of SAB Miller. The deal has been held hostage by regulators, but as the roadblocks are slowly being removed, the deal could come to fruition after all. But in the meantime, Cramer said Bud will trade on rumors and speculation and not on earnings.

There's also Constellation Brands (STZ) - Get Constellation Brands, Inc. Class A Report , a stock that's doubled over the past two years and a company that just posted a 7-cents-a-share earnings beat on a 14% rise in sales.

Molson Coors (TAP) - Get Molson Coors Brewing Company Class B (TAP) Report also saw strong results, with an 11-cents-a-share earnings beat this quarter with better-than-expected revenue and cost of goods down 5%.

TheStreet Recommends

Finally, there's Boston Beer (SAM) - Get Boston Beer Company, Inc. Class A Report , a stock that's been getting crushed, and for good reason. After seeing growth near 35% just a few years ago, Boston Beer last reported a decline of 5% with the lowest gross margins its seen in five years.

Cramer concluded Constellation remains best of breed in the beer wars, with Molson Coors coming in a close second. Anheuser-Busch is nice, he said, but not until the merger closes. As for Boston Beer, that stock is just plain ugly.

Executive Decision: Juan Ramon Alaix

For his "Executive Decision" segment, Cramer sat down with Juan Ramon Alaix, CEO of Zoetis (ZTS) - Get Zoetis, Inc. (ZTS) Report , the animal-health pharmaceutical company that recently reported a 17% increase in earnings and raised guidance.

Alaix said this year's theme at Zoetis is companion animals, which is why the company is releasing Simparica, a chewable tablet for dogs that protect against fleas and ticks for a month at a time. Zoetis is also very proud of Apoquel, a new drug that inhibits itching in dogs.

When asked about the spreading Zika virus, Alaix said that so far Zika is not affecting livestock, so it is not on Zoetis' radar for the moment. He added Zoetis now has a good presence in China and is helping to prevent diseases in cattle, swine, poultry and sheep around the globe.

Cramer said Zoetis remains a great stock to own.

Lightning Round

In the Lightning Round, Cramer was bullish on Southwest Airlines (LUV) - Get Southwest Airlines Co. Report , General Electric (GE) - Get General Electric Company (GE) Report , Alcoa (AA) - Get Alcoa Corp. Report and Verizon (VZ) - Get Verizon Communications Inc. Report .

Cramer was bearish on Walgreens Boots Alliance (WBA) - Get Walgreens Boots Alliance Inc Report , Enterprise Products Partners (EPD) - Get Enterprise Products Partners L.P. Report , Delta Air Lines (DAL) - Get Delta Air Lines, Inc. Report , Cheniere Energy (LNG) - Get Cheniere Energy, Inc. Report , CVR Refining (CVRR) and Vonage Holdings (VG) - Get Vonage Holdings Corp. 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 Under Armour (UA) - Get Under Armour, Inc. Class C Report , Bank of America (BAC) - Get Bank of America Corp Report , Box (BOX) - Get Box, Inc. Class A Report , HollyFrontier (HFC) - Get HollyFrontier Corporation (HFC) Report and Fitbit (FIT) - Get Fitbit, Inc. Class A Report .

Cramer said he'd bless this portfolio as diversified.

The second portfolio's top holdings included KKR (KKR) - Get KKR & Co. Inc. Class A Report , Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report , Pfizer (PFE) - Get Pfizer Inc. Report , Colgate-Palmolive (CL) - Get Colgate-Palmolive Company Report and Coca-Cola (KO) - Get Coca-Cola Company Report .

Cramer said this portfolio was in good shape and "works."

The third portfolio had CVS Health (CVS) - Get CVS Health Corporation Report , Cemex (CX) - Get Cemex SAB de CV Sponsored ADR Report , Chevron (CVX) - Get Chevron Corporation Report , Berkshire Hathaway (BRK.B) - Get Berkshire Hathaway Inc. Class B (BRK.B) Report and AT&T (T) - Get AT&T Inc. Report as its top five stocks.

After reviewing this portfolio, Cramer said this portfolio was also perfectly diversified.

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, GE, KHC and WBA.