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Today the Fed told us what we already knew about domestic conditions. More important, the Fed said that it's watching international events as it makes its decisions, Cramer said. That's a big change and that means watching for a potential Greek default.
There are 27 of 30 companies in the Dow Jones Industrial Average that will be impacted if there is no deal and Greece gets booted from the EU. The International Monetary Fund has asked the Fed to avoid raising rates now as a result of issues in Europe. Cramer agrees that it would have been irresponsible for the Fed to act today without waiting to see how Greece plays out. Given low inflation, what's the point of jumping that gun? Given the Fed's statement and Chair Janet Yellen's press conference, it's clear that we are done worrying about what the Fed will do for the rest of the summer.
We got another important statement about the economy today from FedEx(FDX) - Get Report, which said that things aren't so hot; FedEx has as good a handle on commerce as the Fed does, Cramer said. Not reassuring.
There were also very weak results from worldwide tech giant Oracle(ORCL) - Get Report after the close. You don't get these kind of companies disappointing if things are as robust as so many people seem to think, Cramer said.
However, growth stocks soared again, Cramer said, because investors took the Fed's tepid growth projection seriously and bought the hottest stocks -- ones that have nothing to do with the economy. These include Palo Alto Networks(PANW) - Get Report (up 2.2%), Cyberark Software(CYBR) - Get Report (3.8%), Fortinet(FTNT) - Get Report (1%), Ambarella(AMBA) - Get Report (3.7%) and Tesla Motors(TSLA) - Get Report (2.9%).
Executive Decision: Brent Saunders
For his "Executive Decision" segment, Cramer sat down with Allergan(AGN) - Get Report CEO and President Brent Saunders after the Action Alerts PLUS holding's announced $2.1 billion acquisition of Kythera Biopharmaceuticals (KYTH) .
The buy allows Allergan -- which already owns leading cosmetic treatments from the upper forehead to crow's feet to sagging necks and is best known for its Botox treatment -- to totally dominate treatments for your face, Cramer said.
"This puts our facial aesthetic sales reps in a terrific position to talk very robustly with physicians around rejuvenating the entire face," Saunders said. Just today, he said he used Kythera's Kybella treatment, the only FDA-approved non-surgical treatment to reduce submental fullness, more commonly known as double chin.
Over the course of one to four to five treatments, Saunders said, depending on the fullness of the face, you can see very visible reductions. On another topic of interest to Cramer, Saunders said a male-pattern baldness pill is in the early stages at Kythera. According to Saunders, baldness treatments are worth around $1 billion, driven by opportunities in the U.S. and Japan.
Know Your IPO
Cramer said when you dig into the fundamentals the stock looks a lot less attractive, especially considering its huge first-day move.
On one hand, Cramer gets the appeal. Investors are hungry for growth when it comes to restaurant sales; new stores and growing same-store sales are key. Last year, Food and Wine magazine dubbed its eats the best chicken wings in the U.S.
However, Cramer sees some yellow flags. He said the recent explosion in new locations and double-digit sales means that expectations are incredibly high, and the stock is essentially priced for perfection. It's not enough for Wingstop to meet Wall Street's expectations, Cramer said, it has to keep beating them. Any stumble would cause the stock to get crushed, and the company's balance sheet is "bad, maybe hideous."
Wingstop looks expensive, he added. In the first quarter, it earned 9 cents a share, thus is now trading at 79 times earnings. Compare that to veteran chicken-slingers Buffalo Wild Wings (BWLD) at 27 times earnings, El Pollo Loco(LOCO) - Get Report at 27 times earnings or Popeye's Louisiana Kitchen (PLKI) at 30 times earnings. Those companies are consistent, Cramer said.
If you own some Wingstop stock, you can ring the register. If you like the wings, go have some. But the stock is too spicy at these prices, Cramer said.
Executive Decision: Richard Pops
In his second "Executive Decision" interview, Cramer welcomed Alkermes(ALKS) - Get Report Chairman and CEO Richard Pops. Shares of Alkermes -- which makes drug-delivery systems for the central nervous system including schizophrenia, multiple sclerosis and diabetes -- are up more than 440% over the past five years. But the company got caught up in the big biotech selloff in early March through April and since then Alkermes has been treading water.
Pops said Alkermes worked hard to get the pipeline to where it is now and "we're just getting going."
For example, there's ALKS 5461, one of the first novel mechanisms for depression in decades, Pops said. There's a long-standing desire and need for a new approach. Data are coming next week from large, randomized studies that show the effect of the drug lasts not just four weeks, but eight weeks.
As for Alkermes' Vivitrol, a drug that treats alcohol and narcotic addition, Pops said the way we incarcerate people with mental illness is one of the greatest crises and opportunities in public policy. If you can take medicines that can be given once a month that address addiction or mental illness and keep people in the community, working and paying taxes, it's a huge opportunity. He said Vivitrol is one of those drugs that will take 10 years for people to call an overnight success.
In the Lightning Round, Cramer was bullish on Chevron(CVX) - Get Report, Box(BOX) - Get Report, Target(TGT) - Get Report, Home Depot(HD) - Get Report, Sun Edison (SUNE) , Celgene(CELG) - Get Report, Anthera Pharmaceuticals (ANTH) , Salesforce(CRM) - Get Report, Exxon Mobil(XOM) - Get Report and Amsurg (AMSG) .
No Huddle Offense
In the "No Huddle Offense" segment, Cramer weighed in on Receptos (RCPT) , another biotech favorite that was the subject of takeover talk today. He sees a real "where there's smoke, there's fire" situation. On Tuesday, Wedbush hiked its price target for Receptos to $348 from $211.
It doesn't take a genius to know that Receptos isn't getting to that price level by itself. Wedbush's research seems like a no-brainer statement that the company's about to get a takeover bid, Cramer said.
If you own the stock, hold tight. In situations like this it's unwise to bet against it here. Today's pullback could be a good entry point. This stock is too valuable to stay independent for long, Cramer said.
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At the time of publication, Cramer's Action Alerts PLUS had a position in AGN and TGT.