The stock market was in panic mode, Jim Cramer told his Mad Money viewers Monday. But no one ever made a dime panicking, Cramer reminded them, which is why the smart move today wasn't to sell, it was to buy.

Today's weakness can be traced back to Thursday's stunning decline in Facebook (FB) , Cramer said, where the company saw a dramatic slowdown in growth and an increase in spending. While Cramer posited that perhaps management was trying to under-promise so they can over-deliver later, it seems, on the surface, that Facebook lost touch with reality.

The reality is that Facebook's ads and services will be less effective and ultimately worth less if the company can no longer do anything it wants with its users' data. That will be bad for all of social media, Cramer said, including Twitter (TWTR) , but it shouldn't extend to the cloud stocks, nor the rest of tech.

Cramer said there's still plenty of money to be made in the financials, industrials and especially the domestic retailers, which is why he'd be buying into the tech-induced weakness, as sell-offs like Monday's are just the type of cleanse the stock market needs from time to time.

Executive Decision: Lam Research

For his "Executive Decision" segment, Cramer spoke with Martin Anstice, CEO of LAM Research (LRCX) , the semiconductor equipment maker that just posted a 37-cents-a-share earnings beat. Shares of LAM are up just 2% for year.

Anstice said that LAM just completed the strongest fiscal year ever for both revenue and profits and they remain very optimistic about the future. That said, Anstice added that he always "tells it like it is," which is why he cautioned investors about some weakness that he saw coming earlier this year. That weakness is now largely behind them, he said.

When asked about their capital plans, Anstice said that, first and foremost, LAM invests in their growth, but an excess capital will be returned to shareholders in the form of buybacks and dividends. LAM has already reduced their share count by 10 million shares.

Cramer said he's not betting against proven winners like Anstice. 

Let's Go Shopping 

With the markets in turmoil, where should investors look for bargains? Cramer said to look no further than the biggest winners this earnings season. One of those winners is Advanced Micro Devices (AMD) , the semiconductor maker that's beginning to leap over rival Intel (INTC) thanks to a remarkable turnaround that's seen four consecutive quarters of double-digit growth. Other winners in tech included Microsoft (MSFT) , Amazon (AMZN) and Alphabet (GOOGL) .

Among the industrials, Cramer said he likes Honeywell (HON) , which is splitting itself up to unlock even more value, along with United Technologies (UTX) and Ingersoll-Rand (IR) .

Finally, Cramer gave a tip of the hat to Expedia (EXPE) , which was also among this quarter's biggest winners.

Cramer and the AAP team are adding shares of (CRM) . Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts PLUS.

A Second Look at NXP 

Now that Qualcomm (QCOM) has given up trying to acquire NXP Semiconductor (NXPI) , is the stock still a buy? Cramer dove into the details to find out. His conclusion? NXP is a buy even without a takeover.

Even though NXP may have been among the first casualties in President Trump's trade war with China, Cramer said the company remains attractive, mainly because of its capital return program, which could retire $5 billion worth of stock over the next six months. If successful, that could boost NXP's earnings over $8 a share, where it would be trading for less than 12 times earnings.

Let's not forget that even at current levels, Qualcomm was willing to pay $127.50 a share for NXP, Cramer said, and that's before the company refocuses its efforts on its core businesses of autos and the Internet of things, or IoT, which continue to grow rapidly. Automakers are putting more tech into every car they produce, Cramer said, and that's not even counting electrified and self-driving systems. NXP is even hitting it out of the park with near-field communication, or NFC, chips that are become more and more prevalent in our every day lives. 

Executive Decision: Chubb 

In his second "Executive Decision" segment, Cramer sat down with Evan Greenberg, chairman and CEO of Chubb (CB) , the insurance company with shares that are off 4% for the year.

Greenberg started off by saying that every year, loss costs increase for insurance companies, which is why they need to increase premiums to maintain healthy margins. When asked about those costs, he explained that inflation is everywhere, from increased legal costs to the costs of repairs, including both parts and labor costs.

That said, Greenberg noted that Chubb currently operates in 54 countries around the world and has terrific businesses. The company is spending $1 billion a year on technology to speed up and digitize their operations, with only helps in reining in those rising costs.

Lightning Round

In the Lightning Round, Cramer was bullish on Six Flags (SIX) , Procter & Gamble (PG) and Principal Financial Group (PFG) .

Cramer was bearish on Western Digital (WDC) and Allergan (AGN) .

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At the time of publication, Cramer's Action Alerts PLUS had a position in FB, CRM, MSFT, AMZN, GOOGL, HON.