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NEW YORK (TheStreet) -- Do not ignore today's FedEx (FDX) - Get Report deal, Jim Cramer told his Mad Money viewers Tuesday. Today's acquisition of the Europe's TNT Express is a game changer.

Why is this deal so significant? Because for weeks now, pundits and CEOs alike have been telling us how horrible a strong U.S. dollar is for business. But today, FedEx is forcing everyone to rethink their assumptions.

FedEx is a smart company, so if it thinks Europe's on the upswing, it probably is. Spending $4.8 billion on TNT also signals that FedEx doesn't think the dollar will stay strong forever either. The company is also paying a fraction of what rival UPS (UPS) - Get Report was willing to pay for TNT just a few years ago.

Is the FedEx deal the beginning of a trend? Cramer says yes, noting the FedEx deal confirms many of the positive data points emanating from Europe lately. Now that the "all clear" has been sounded, look for more companies to make bold moves like this one in the near future.

Who's Right on Nucor and Steel Dynamics?

It has been a tough market for the metals and minerals stocks, but is now the time to begin building a position? Steel makers Nucor (NUE) - Get Report and Steel Dynamics (STLD) - Get Report both received upgrades from analysts at J.P. Morgan but they also just received downgrades from analysts at Nomura.

According to the bears at Nomura, gross margins at both Nucor and Steel Dynamics will be narrowing as the price of scrap steel continues to climb while at the same time, prices for finished steel is falling.

But the bulls at J.P. Morgan raised its 2016 earnings estimates on both companies, they're now the lowest-cost producers of steel, a distinction that will allow them to grow by taking market share.

Who's right? Cramer sided with the bulls, noting that Nomura has been dead wrong on the steel stocks, advising investors to buy the whole way down. He agreed with J.P. Morgan that the cost advantage is a big win and both companies are protected on the downside by their dividends.

The estimates may still need to come down the short term, but Cramer says Nucor is a buy at these levels.

Cruising With Carnival

A rising tide may lift all boats but in the case of Carnival Cruises (CCL) - Get Report there may be a lot more propelling this stock to new 52-week highs. Shares are up 29% so far in 2015 and have rallied over 44% in the past six months.

How did this troubled company with a history of disasters that have included capsized ships, engine room fires and sick passengers manage to turn itself around? The decline in oil prices have certainly helped, but so has a better supply and demand balance of ships in the Caribbean, which remains among Carnival's biggest markets.

On its last conference call, Carnival also cited strength in China as a big driver for the company, as were bigger commissions being paid to travel agents to steer more passengers their way. The company is also focused on improving safety as well as its corporate image.

With shares trading at just 15 times earnings and a 20% growth rate, Cramer thinks this cruise line still has a long way to go before reaching port.

Off the Charts

In the "Off The Charts" segment, Cramer went head to head with colleague Bob Lang over the direction of the transports, an important sector that indicates whether commerce is picking up or slowing down.

Looking at a daily chart of the Dow Jones Transport Index, Lang noted the cross below the 200-day moving average and the long-term floor of support as markedly bearish. Both the MACD momentum indicator and the Chaikin Money Flow Indicator confirmed his bearish sentiment.

The transports' weekly chart did not make Lang feel any better because the index's multi-year bullish move is now testing its floor of support and the Chaikin just turned negative.

The charts of individual stocks like UPS (UPS) - Get Report were just plain nasty, Lang noted, as that stock has been churning lower since January, while the bears continue to run over United Airlines (UAL) - Get Report and railroad CSX (CSX) - Get Report.

Cramer said the carnage in the transports is indeed worrisome but he is hopeful many of the sector's woes were related to the strong dollar and, with Europe on the mend, could begin to bottom.

Lightning Round

In the Lightning Round, Cramer was bullish on (CRM) - Get Report, Yahoo! (YHOO) , Hanesbrands (HBI) - Get Report and Johnson Controls (JCI) - Get Report.

Cramer was bearish on MannKind (MNKD) - Get Report and Alibaba (BABA) - Get Report.

No Huddle Offense

In his "No Huddle Offense" segment, Cramer said it's pretty rare to hear a CEO tell investors to stay away from his stock, but that's exactly what Restoration Hardware (RH) - Get Report CEO Gary Friedman told investors on his company's latest conference call.

On the call, Friedman explained that Restoration Hardware is in it for the long term, reinventing its category. That means those short-term investors looking to flip their shares should just look elsewhere.

Cramer said this sentiment also resonates with the biotechs, a group where he is criticized daily as stocks fluctuate. Cramer reminded investors they need to know why they own these stocks in the first place. What are the catalysts? What does the pipeline look like? How many drugs are in Phase II? Phase III? Does the company have enough cash or do they need to raise more?

If you don't know why you own these stocks and aren't in it for the long term, then you simply have no right to complain.

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At the time of publication, Cramer's Action Alerts PLUS had no position in stocks mentioned.