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NEW YORK (TheStreet) -- It's another tale of two markets, Jim Cramer told his Mad Money viewers Thursday. One market has companies involved in mergers and takeovers, and that market is thriving. The other market is being held hostage by events overseas, and those stocks are wilting.

On the plus side, there were a number of analyst upgrades boosting the stocks of Chipotle Mexican Grill (CMG) - Get Free Report, up 2.7%, and Ralph Lauren (RL) - Get Free Report, up 2.8%. There was also product news from GoPro (GPRO) - Get Free Report that sent that stock up 6.6%.

Also, there are the takeovers, deals that are both necessary and often brilliant as companies take control of their destinies. Such was the case with chipmaker Avago (AVGO) - Get Free Reportsnapping upBroadcomundefined. That deal only makes Avago more competitive against rival Skyworks Solutions (SWKS) - Get Free Report. Also this week was Charter Communications (CHTR) - Get Free Report buying Time Warner Cable (TWC) in a bid to snap up more customers into its broadband monopoly.

The markets are rewarding these deals, Cramer concluded, and if you're a shareholder in any of these companies, you're being rewarded as well. As for those other stocks being held hostage by currencies and fears of a collapse in Greece, leave those to the day traders.

Executive Decision: Cheryl Bachelder

For his "Executive Decision" segment, Cramer checked in with Cheryl Bachelder, CEO of Popeye's Louisiana Kitchen (PLKI) , a stock that's been stalled of late despite posting solid earnings.

Bachelder said that she's not focused on the short-term stock slump, she's focused on delivering steady, reliable performance the market will reward over time. She noted that she's always happy to under-promise and over-deliver and feels very comfortable with the 3.5% to 4.5% increase in same store sales they're forecasting.

Turning to more topical issues, Bachelder reiterated that there are no cases of avian flu in the flock that supplies Popeye's, and she expects chicken prices to moderate later this year.

In addition to it's terrific same-store sales growth, Bachelder sees plenty of opportunities to grow both inside and outside the U.S., and the company continues to buy back its shares to further reward shareholders.

Cramer reiterated that stocks that deliver on the numbers go higher eventually, and Popeye's will be one of those stocks.

A Cautionary Tale

When it comes to initial public offerings, you can't afford to believe the hype, Cramer warned viewers as he circled back on a cautionary IPO tale from last year, Castlight Health (CSLT) - Get Free Report.

When Castlight debuted in 2014, it was heralded as the "IPO of the century," combining health care with the cloud, two of the market's hottest trends. After coming public at $16, shares shot up to $39.80 by the end on the first day, but just six weeks after its IPO, Castlight fell below its IPO price, down to a low of just $6 a share by February 2015, a 78% loss from its highs.

Cramer noted that anyone who did their homework on Castlight could easily see through the hype surrounding this high flier. The company was losing money when it came public and while it was growing fast, it was growing off a tiny base. Castlight had only 106 customers in 2014, with Wal-Mart (WMT) - Get Free Report accounting for 16% of sales.

But beyond the obvious, shares of Castlight were valued at 107 times sales, not earnings, on its debut and ended the day at 260 times sales. After adding just nine new customers in the first quarter, the analysts finally realized their mistakes and downgraded the stock, which now trades at just 11 times sales.

That's why you can't believe the hype, Cramer concluded. Always do the homework.

Executive Decision: Gary Kelly

In his second "Executive Decision" segment, Cramer spoke with Gary Kelly, chairman and CEO of Southwest Airlines (LUV) - Get Free Report, allowing him to respond to allegations made by American Airlines (AAL) - Get Free Report that the airline industry is adding too much capacity, leading to price wars.

Kelly said competitors are always complaining about Southwest, but he's focused on continuing to run a great, profitable airline. Southwest is sticking with their guidance, only increasing its available seats by 3% in 2015, less than its rivals.

Southwest is focusing two-thirds of that growth in Dallas, where Kelly said there are unique opportunities to grow. Overall, however, he said the U.S. airline market has matured, so growing beyond our economy's GDP is unlikely.

Finally, Kelly noted that Southwest remains committed to creating value for shareholders and returning capital through its dividend and buyback programs.

Lightning Round

In the Lightning Round, Cramer was bullish on Under Armour (UA) - Get Free Report, Opko Health (OPK) - Get Free Report, Cellectis (CLLS) - Get Free Report and Boeing (BA) - Get Free Report.

Cramer was bearish on PPL Corp (PPL) - Get Free Report.

No Huddle Offense

In his "No Huddle Offense" segment, Cramer said sometimes when a stock is expensive, it deserves to be. Case in point, Palo Alto Networks (PANW) - Get Free Report, the cyber security play that rallied 3.5% after another strong quarter that included 55% revenue growth.

The cyber security market is red-hot, Cramer noted, and there's a shortage of pure-play companies to own. In addition to Palo Alto, there's FireEye (FEYE) - Get Free Report, CyberArc (CYBR) - Get Free Report and Fortinet (FTNT) - Get Free Report, all of which are excellent choices.

Finally, Cramer gave the nod to Cisco Systems (CSCO) - Get Free Report, a stock which he owns for his charitable trust, Action Alerts PLUS. Underestimate Cisco at your peril, he concluded.

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 CSCO.