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NEW YORK ( TheStreet) -- The market isn't crazy and it's not irrationally exuberant, it's just happy, Jim Cramer told his Mad Money viewers Monday after another strong day on Wall Street. Cramer said the market likes just about everything it sees, which is great news since there's a lot to like.
The markets are naturally bullish due to an improving economy, Cramer noted, which is why big-name international stocks Walt Disney(DIS) - Get Report, Boeing(BA) - Get Report and Honeywell(HON) - Get Report remain strong buys. All of these stocks were higher on the day thanks to pure optimism about the future.
But beyond the macro, Cramer mentioned a number of individual stocks worth noting, including NXP Semiconductor(NXPI) - Get Report buying Freescale Semiconductor (FSL) , a gigantic win for both companies. Then there's Cardinal Health(CAH) - Get Report buying some of Johnson & Johnson's(JNJ) - Get Report assets, another win for both stocks. And let's not forget Pharmacyclics (PCYC) , up 81% so far this year.
Other notables on the day included Costco(COST) - Get Reportpairing up with Visa(V) - Get Report, news that sent rival MasterCard(MA) - Get Report, a stock Cramer owns for his charitable trust, Action Alerts PLUS, higher, along with Costco's former partnerAmerican Express(AXP) - Get Report.
With all of these positives, investors might be thinking that a crash must be imminent, but Cramer said things that should go down, like Lumber Liquidators(LL) - Get Report, are going down. The company's shares slid over 25% on an investigation that its floors might be toxic. Likewise, shares of IBM(IBM) - Get Report continue to skid, even with Warren Buffett's endorsement, as investors want more than just a stock buyback program.
"So maybe happy isn't a bad thing after all," Cramer concluded.
Retailers to Buy
With cheap gasoline and strong execution, Cramer said it's not surprising that many retailers delivered strong earnings this quarter. But there were four retailers that did exceptionally well and are worth your attention.
Ross Stores(ROST) - Get Report delivered an 8-cents-a-share earnings beat with a 6% rise in same-store sales, its highest since 2012, along with an increased stock buyback program and a dividend boost. The company continues to improve its shopping experience, and with 1,300 locations management says it could still double the footprint. Shares of Ross trade at less than 20 times earnings.
Nordstrom(JWN) - Get Report posted a 3-cents-a-share earnings miss when it reported on Feb. 19, Cramer noted, but shares shot up after its conference call where management indicated that 2015 will be its peak investment year for its omni-channel strategy. With a 4.7% increase in same-store sales and trading at only 19 times earnings, Cramer said Nordstrom remains a steal.
Dillard's(DDS) - Get Report also surprised investors with a 5% increase in revenue, its fastest growth since 2012. The company continues to shut down underperforming locations while selling more higher margin merchandise. Dillard's has also bought back near 40% of its shares in recent years but still trades at just 13.5 times earnings.
Shares of Kohl's(KSS) - Get Report are flirting with eight-year highs. This retailer posted a 3-cents-a-share earnings beat on a 3.7% rise in same-store sales. With a 15% dividend boost, Cramer said Kohl's is another retailer that clearly has its groove back.
Cramer on Buffett
With Warren Buffett's annual letter to shareholders upon us, Cramer took a few moments to reflect on what he called the most insightful of annual letters in recent memory.
Cramer said what struck him most about Buffett's insights this year wasn't his successes or his failures but his ability to speech freely about anything he wants.
Letters like this simply wouldn't be possible at any other company, Cramer noted, but Buffett is Berkshire Hathaway(BRK.B) - Get Report and Berkshire is Buffett, which gives him a level of autonomy that is not seen anywhere else in corporate America.
Cramer said he finds it odd that while so many investors and companies try to emulate Buffett, they have yet to emulate his style or his business model. Perhaps, Cramer suggested, corporate restrictions need to be loosened on what CEOs can say and do so that Buffett is not the exception but the rule for the next generation.
Buffett has done an amazing job creating wealth for tens of thousands of investors, Cramer concluded. Maybe that's at least partially because we've left him alone to do his job.
Semiconductor mergers have been a big win for shareholders, Cramer told viewers, but today's announcement of NXP Semiconductor buying Freescale Semiconductor tops them all.
Cramer said he's been a big backer of NXP, a stock that's already run 56% since it first recommended it in August, but he's not backing away now. He said this stock can still run "a heck of a lot higher" with the Freescale acquisition.
Why is Cramer so bullish? It's because the connected car will be the next big thing, and the combined company will be the number one player in that market as well as being the fourth-largest semiconductor company overall.
NXP expects over $500 million in annual cost savings from the Freescale deal and says it will be additive to earnings during its first year. Add to that the fact that NXP was already growing three times faster than the semiconductor industry overall and its easy to see why Cramer was so excited.
The combined company will sell chips into 27 of the world's 28 largest automakers while have exposure to NFC wireless, wearable computing, RFID technology and more.
In the Lightning Round, Cramer was bullish on Verizon(VZ) - Get Report, Wells Fargo(WFC) - Get Report, Leggett & Platt(LEG) - Get Report, Home Depot(HD) - Get Report, Lowes(LOW) - Get Report and Merrimack Pharmaceuticals(MACK) - Get Report.
Executive Decision: Mark Bristow
Bristow explained that Randgold has been "getting its house in order" over the past few years, and is operating on a 10-year plan to remain profitable with gold at just $1,000 a ounce. He said once that phase is complete and the company has demonstrated it can operate efficiently, it will begin harvesting more capital for shareholders.
Bristow continued that Randgold has no debt and is growing its cash position but has no plans for acquisitions. He said his company needs to become "bullet proof" and not fall into the traps that so many other gold producers have fallen into through a lack of discipline.
Cramer said Randgold is playing to win and is the best gold producer in the business.
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-- Written by Scott Rutt in Washington, D.C.
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At the time of publication, Cramer's Action Alerts PLUS had a position in LOW, MA and WFC.